Fintel reports that on May 20, 2024, Morgan Stanley upgraded their outlook for Micron Technology (NasdaqGS:MU) from Underweight to Equal-Weight.
Analyst Price Forecast Suggests 9.67% Upside
As of May 8, 2024, the average one-year price target for Micron Technology is 137.40. The forecasts range from a low of 98.98 to a high of $236.25. The average price target represents an increase of 9.67% from its latest reported closing price of 125.29.
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The projected annual revenue for Micron Technology is 26,249MM, an increase of 43.34%. The projected annual non-GAAP EPS is 3.49.
What is the Fund Sentiment?
There are 2,647 funds or institutions reporting positions in Micron Technology. This is an increase of 254 owner(s) or 10.61% in the last quarter. Average portfolio weight of all funds dedicated to MU is 0.52%, an increase of 3.84%. Total shares owned by institutions decreased in the last three months by 0.67% to 1,007,477K shares. 
The put/call ratio of MU is 0.86, indicating a bullish outlook.
What are Other Shareholders Doing?
Primecap Management holds 37,609K shares representing 3.40% ownership of the company. In its prior filing, the firm reported owning 37,492K shares , representing an increase of 0.31%. The firm increased its portfolio allocation in MU by 30.55% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 34,471K shares representing 3.11% ownership of the company. In its prior filing, the firm reported owning 34,098K shares , representing an increase of 1.08%. The firm increased its portfolio allocation in MU by 13.33% over the last quarter.
Capital Research Global Investors holds 27,539K shares representing 2.49% ownership of the company. In its prior filing, the firm reported owning 28,771K shares , representing a decrease of 4.48%. The firm increased its portfolio allocation in MU by 21.60% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 26,826K shares representing 2.42% ownership of the company. In its prior filing, the firm reported owning 26,319K shares , representing an increase of 1.89%. The firm increased its portfolio allocation in MU by 12.94% over the last quarter.
VPMCX - Vanguard PRIMECAP Fund Investor Shares holds 23,602K shares representing 2.13% ownership of the company. In its prior filing, the firm reported owning 23,647K shares , representing a decrease of 0.19%. The firm increased its portfolio allocation in MU by 15.64% over the last quarter.
Micron Technology Background Information
(This description is provided by the company.)
It is an industry leader in innovative memory and storage solutions. Through its global brands - Micron® and Crucial® - its broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, 3D XPoint™ memory, and NOR, is transforming how the world uses information to enrich life for all. Backed by more than 40 years of technology leadership, its memory and storage solutions enable disruptive trends, including artificial intelligence, 5G, machine learning, and autonomous vehicles, in key market segments like mobile, data center, client, consumer, industrial, graphics, automotive, and networking.
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This story originally appeared on Fintel.
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