Micron Technology (MU) Sets Up For Big Gains on Wednesday

Updated from 9:06am EST to include updated share prices by market open. 

NEW YORK (TheStreet) -- Micron Technology (MU) will likely see big gains on Wednesday after exceeding analyst expectations with first-quarter earnings and as Credit Suisse upped its price target. 

After the bell Tuesday, the semiconductor developer reported net income of 77 cents a share for the first quarter ended Nov. 28, 2013, well over the 43 cents a share expected by analysts surveyed by Thomson Reuters. Revenue of $4.04 billion was 42% higher quarter-on-quarter, 120% higher year-on-year and $320 million more than consensus.

Credit Suisse reiterated its "outperform" rating and revised its price target to $30 a share. The investment bank increased its estimates, given solid structural demand.

Before market open, shares had risen 10.5% to $24. 

TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of B. The 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, impressive record of earnings per share growth, compelling growth in net income and attractive valuation levels. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

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