NEW YORK (TheStreet) -- Shares of Micron Technology (MU) closed up 0.02% to $24.47 on Friday after analysts at Topeka Capital Markets earlier upgraded the company to "buy" from "hold" and increased their price target to $34 from $30.
The Idaho-based company provides semiconductor solutions.
After meeting with the management, analysts were encouraged by likely outsized DRAM cost per bit improvement relative to competitors, steady TLC 3D NAND progress that can drive a demand inflection and continued commitment to capital returns while maintaining a competitive capex level, according to Barron's.
"We believe MU is at or ahead of plan in its 20nm DRAM ramp," analysts said. "We expect management to accomplish this critical transition while keeping DRAM capex flattish."
Despite weakness in the PC market, analysts have a bullish outlook on Micron Technology.
Separately, 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 revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow."