In a research note released Tuesday, Raymond James analyst Hans Mosesmann increased his price target from $30 to $40 on Micron Technology MU. Mosesmann is reiterating a Strong Buy rating ahead of Micron's quarterly earnings release.
The analyst is expecting Micron to deliver solid results for this coming quarter, however, “we look to the August quarter and beyond when the industry faces supply constraints in light of continued demand growth.”
In addition, the firm stated that there is an extended trend and the firm is expecting Micron to benefit from that trend as well.
Furthermore, the analyst believes that Micron is in a position to meet or exceed current quarterly expectations.
As for estimates full year 2014 and full year 2015, GAAP EPS estimates remain unchanged at $2.20 and $2.85, respectively.
Shares of Micron are down less than one percent on Thursday.
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