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Upgrade Alert for Micron Technology (MU)

By Shiri Gupta

Micron Technology (NASDAQ:MU) was upgraded from Reduce to Buy at Nomura today. The stock closed yesterday at $12.72 on volume of 26.7 million shares, above average daily volume of 26.6 million.

Micron Technology (NASDAQ:MU) has potential upside of 65.9% based on a current price of $12.72 and analysts' consensus price target of $21.10. Micron Technology shares should encounter resistance at the 200-day moving average (MA) of $14.06 and support at the 50-day MA of $10.83.

Micron Technology share prices have moved between a 52-week high of $20.57 and a 52-week low of $9.35 and closed yesterday at 36% above that low price at $12.72 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 1.3%.

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

SmarTrend recommended that subscribers consider buying shares of Micron Technology on May 24th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.33. Since that recommendation, shares of Micron Technology have risen 12.5%. We continue to monitor MU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Micron Technology

Ticker(s): MU