NEW YORK (TheStreet) -- Micron Technology (MU) stock is spiking Wednesday after Bank of America gave a two-notch upgrade to "buy" from "underperform" and upped its target price to $40 from $22. The firm said its rating was based on a sustainable upturn, a lowered threat level from Samsung and as the company sees higher prices and lower costs.
In the afternoon session, shares had gained 6.7% to $31.50. Trading volume of 30.9 million had exceeded its three-month daily average of 22.2 million.
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TheStreet Ratings team rates MICRON TECHNOLOGY INC 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 some important positives, 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 robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."
Highlights from the analysis by TheStreet Ratings Team goes as follows: