Chip giant

Micron Technology

(MU) - Get Report

was up 4.4% in preopen

Instinet

trading after it said fourth-quarter earnings were $1.16 per share excluding a pretax gain from the sale of one of its facilities.

The

First Call/Thomson Financial

estimate was 96 cents. Micron's year-ago earnings were 96 cents per share.

ABN AMRO

cut its 12-month price target to $100 from $120, but

Lehman Brothers

said it believes the $120 goal "remains achievable," and

Sanford C. Bernstein

maintained its outperform rating.