Nomura Raises PT On Micron Technology

In a research note released Thursday, Nomura analyst Sidney Ho increased her price target on Micron Technology (NASDAQ: MU) from $30 to $40. The firm has a Buy rating on the company.

Most of the move in the stock price came from guidance revisions. Ho said, “The stock deserves multiple expansion, in our view, as the business is less cyclical and generates significant free cash flow.”

The analyst continued by stating that the company had a change in the calendar-year 2014 EPS estimates from $3.05 to $3.30 and a change in calendar-year 2015 estimates from $3.20 to $3.60.

Shares of Micron Technology are up 42 percent year-to-date.