NEW YORK (TheStreet) -- Shares of Micron Technology (MU) - Get Micron Technology, Inc. (MU) Report were up 5.22% to $16.32 in mid-morning trading on Thursday after HP (HPQ) said on its 2016 third-quarter earnings conference call that there will likely be shortages around LCDs, DRAM and flash memory.
Evercore noted that the statement is a positive for Boise, ID-based semiconductor company Micron, TheFly reports. Micron's portfolio includes DRAM and NAND components that are the basis for solid-state drives, modules, multi-chip packages and other system solutions.
Additionally, Nomura raised its price target on the stock to $20 from $16 to reflect a recovery in DRAM. Nomura reiterated a "buy" rating on shares.
"We believe Micron can generate normalized operating margins of 10%, assuming revenues of $3.8 billion or $15 billion on an annual basis," the firm wrote in a note. "This compares to a 5-year historical median of 8%, peak of 24% and trough of -10%."
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Micron's strengths such as its largely solid financial position with reasonable debt levels by most measures and expanding profit marginsare countered by weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.
You can view the full analysis from the report here: MU
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.