UPDATE: Stifel Nicolaus Raises PT on Micron Technology Following Raised Estimates

In a report published Thursday, Stifel Nicolaus analyst Kevin Cassidy reiterated a Buy rating on Micron Technology (NASDAQ: MU), and raised the price target from $14.00 to $16.00.

In the report, Stifel Nicolaus noted, “We are lifting our estimates for Micron based on the May quarter average selling prices for both DRAM and NAND Flash possibly being better than we had first estimated. Also, in our view, memory prices may continue to improve from this higher base well into 2014. Our thesis remains that investors should own MU shares while there are limited worldwide wafer capacity increases. Based on our higher estimates, we are increasing our 12-month price target to $16 from $14.”

Micron Technology closed on Wednesday at $12.02.