Micron Technology Shares Surge on Analyst Upgrade

Micron Technology (MU) - Get Report shares got a boost on Thursday following an analyst upgrade from Nomura. Analysts at the firm upgraded the shares to OUTPERFORM from REDUCE, and gave the company a price target of $18 a share. Micron shares are up about 24 percent this month as the semiconductor maker reaps the benefits of falling supply in the micro-processing market, which should help Micron boost profit margins, according to Nomura. Nomura also noted that Micron shares have been disproportionately pressured over the past year, with the general industry down about five percent, while Micron shares are down 42 percent over the same period.

This article was written by a staff member of TheStreet.