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Technology Stocks : Semi Equipment Analysis
SOXX 296.74+1.8%Nov 28 4:00 PM EST
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To: Elroy who wrote (84592)2/12/2020 9:52:59 AM
From: Sam2 Recommendations

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Micron stock surges after UBS upgrade
MARKETWATCH 9:48 AM ET 2/12/2020

Symbol Last Price Change
MU 60.6166 +3.3666 (+5.88%)
INTC 67.94 +0.53 (+0.79%)
TXN 132.32 +1.62 (+1.24%)
QUOTES AS OF 09:49:14 AM ET 02/12/2020


Micron Technology Inc. (MU) shares (MU) were up 5.5% in Wednesday morning trading after UBS analyst Timothy Arcuri upgraded the stock to buy from neutral and raised his price target to $75 from $47. "After only modestly outperforming the S&P 500 over the past two years, we believe the time has finally come when Micron can materially outperform over a sustained period of time," he wrote. "We consider both the cyclical and structural aspects to both Micron and the memory industry as a whole and conclude that Micron is in a much stronger position in a structurally better industry on the cusp of a cyclical upswing that, for DRAM, should last deep into C2021." He also said that he believes Micron's stock warrants a higher multiple since the company's competitive position is getting better and its "through-cycle financial performance...is comparable to or even better than other major semis peers with integrated manufacturing models like Intel(INTC) or Texas Instruments(TXN) ." Micron shares have added 29% over the past three months as the S&P has risen 9.2% and the PHLX Semiconductor Index has gained 12.9%.

-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
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