NEW YORK (TheStreet) - Micron Technology (MU) shares are surging 10.45% to $24 after the semiconductor specialist reported better-than-expected first-quarter results on Tuesday. The Boise-based firm was also the most active pre-market Nasdaq stock on share volume of 2,654,710.
Credit Suisse raised its Micron price target to $30 from $25 in a note released early on Wednesday. "Upside for F1Q/F2Q is being driven by higher than expected DRAM Sales and improved profitability," wrote Credit Suisse analyst John Pitzer.
Sterne Agee also raised its Micron price target to $28 from $26. "MU reported a strong NovQ and a good FebQ outlook with DRAM now stable in the weakest part of the year," wrote Sterne Agee analyst Vijay Rakesh, in a note. "We believe MU is becoming less about PC-Smartphone demand and more about stable DRAM-Memory pricing trends and stable earnings power."
The analyst firm also tweaked its fiscal second- quarter revenue and earnings estimates for Micron to $4.07 billion and 66 cents a share from $4.09 billion and 78 cents a share to account for higher taxes.
Facebook (FB) was another active pre-market stock, slipping 0.73% to $57.70 on share volume of 636,489. Microsoft (MSFT) was off 0.58% to $36.20 on share volume of 560,333. On Tuesday Ford (F) CEO Alan Mulally put to rest rumors that he will leave the automaker to run Microsoft.
Sirius XM SIRI shares are flat at $8.67 while BlackBerry (BBRY) shares are up 2.59% to $8.50.