Micron price target raised to $70 from $54 at Wells Fargo - InvestingChannel

Micron price target raised to $70 from $54 at Wells Fargo

Wells Fargo analyst David Wong raised his price target for Micron Technology to $70 saying last night’s February quarter results “show strong revenue and gross margin momentum.” The stock in premarket trading is down 7%, or $4.20, to $54.72. Micron is guiding for a further sequential rise in sales and improvement in gross margin expected in the May quarter, Wong tells investors in a post-earnings research note. He believes Micron continues to benefit from a favorable memory pricing environment and its technology transitions. Wong reiterates an Outperform rating on Micron.