(Updated to include Wedbush commentary)
Wedbush raised its price target on Micron Technology (MU) to $1,300 from $550 ahead of its fiscal Q3 earnings.
The price target increase reflects substantially higher revenue and earnings per share estimates for both fiscal Q3 and subsequent quarters, analysts Matt Bryson and Antoine Legault wrote in a Thursday note.
The analysts mentioned that better-than-expected industry pricing, with Q2 pricing for both NAND and DRAM increasing by high double to even triple digits, resulting in revised Q3 estimates upward and also modeling further upside for Q4.
Micron Technology has an average rating of buy and mean price target of $1,002.28, according to analysts polled by FactSet.
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Price: $1100.95, Change: $+57.76, Percent Change: +5.54%