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Update: Wedbush Raises Micron Technology Price Target to $1,400 From $1,300, Outperform Rating Kept

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(Updates with the analyst's commentary.)

Wedbush raised the price target on Micron Technology (MU) to $1,400 from $1,300 while maintaining its outperform rating.

The company beat Q2 Street expectations and negotiated contracts that appear to offer "unprecedented revenue, margin and earnings certainty for an elongated period," Wedbush said in its note.

Micron believes once it completes negotiating its strategic customer agreements, the deals "will represent 50% (or more)" of the firm's total output, the brokerage said.

The biggest deals stretch through 2030, Wedbush said, adding management indicates the pricing floors set should provide the firm with margins exceeding previous cyclical peaks.

Micron Technology has an average rating of buy and mean price target of $1,436.02, according to analysts polled by FactSet.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $1166.00, Change: $+118.08, Percent Change: +11.27%

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