As a result of Thursday evening's impressive results, several analysts are out with bullish notes on the stock this morning.
"We believe 'the sun, the moon, and the stars' remain aligned for MU," Loop Capital Markets analyst Betsy Van Hees wrote. "Micron benefits from the sweet spot of the memory cycle - tight supply/demand dynamics, increasing prices, and cost reductions - driving considerable operating leverage in the model and a roaring return to YoY earnings and revenue growth in F2017."
She has a "buy" rating on the stock with a $35 price target.
Cowen's Timothy Arcuri, who has a "Outperform" rating on Micron's stock with a $34 price target, is bullish on the "underappreciated story of NAND as MU is cost competitive for the first time ever."