Analysts Reiterate Positive Outlook For Micron Technology (MU)

Updated from 2:24 p.m. ET with Jeffries & Co. analyst comments.

NEW YORK (TheStreet) -- Analyst ratings for semiconductor company Micron Technology (MU) have come in mostly positive, with Bernstein Research, Jeffries and TheStreet all lifting targets while Wells Fargo downgrades.

Micron Technology shares have gained 1.7% to $17.12 as of 3:10 p.m. New York time.

Bernstein Research analyst Mark Newman reaffirmed his "outperform" rating, revising his price target to $24 from $4. Newman cites recovering dynamic random-access memory (DRAM) production and the company's acquisition of Elpida as reasons for the positive outlook.

Jeffries & Co analyst Sundeep Bajikar maintained a "buy" rating and updated the price target to $30 from $25, due to the belief the maturing DRAM manufacturing industry is becoming more stable. Jefferies says Friday's selloff, which saw share prices plummet 8.6%, was due to "profit taking, short-term focus on Elpida margins, and lack of investor confidence in stability of DRAM prices."

Wells Fargo, however, downgraded the company to "underperform" from "market perform", stating a volatile past and high-risk future make for an unattractive asset. Risks include unstable pricing for DRAM and NAND chips and the company's unreliable profitability. Despite the downgrade, Wells Fargo analyst David Wong revised his price target range to $14 to $17 from $11 to $14.

TheStreet Ratings team upgraded Micron Technology to a "buy" from "hold." The team rates the stock as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate Micron Technology Inc (MU) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, attractive valuation levels, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

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