Boston, MA 10/29/2013 (wallstreetpr) – TheStreet has revised the rating for Micron Technology, Inc. (NASDAQ:MU) from hold to buy. The revised ratings came in view of the company’s strengths which can be seen in multiple areas, such as its revenue growth, concrete stock price performance, notable record of earnings per share growth and attractive valuation levels.
The report highlights the revenue growth which exceeded the overall industry average of 9.0%. During the same quarter in the previous year, revenues grew by 44.8% which accelerated the earnings per share. It is worthy to note that the company’s stock has already surged by 225.53% in the last one year which is above the rise in the S&P 500 index while its earnings growth remained robust at 729%.
Analysts at TheStreet believe that Micron showed a significant improvement in its performance in the recent quarter as compared to the last quarter. Micron is expected to perform in the same pattern as during the past fiscal year, Micron has been able to turn around losses in its earnings from -$1.04 to $1.00. The company is expected to deliver earnings per share of $2.13 this year.
The company’s net income growth has also improved and surpassed the industry growth of the Semiconductors and Semiconductor equipment industry as well as S&P 500. The net income rose by 802.9% when compared to the same quarter in the previous year, a growth from -$243.00 million to $1,708.00 million.
Micron Technology, Inc., along with its subsidiaries is engaged globally in the manufacture and marketing of semiconductor devices.With its worldwide operations, Micron produces and markets a complete range of NAND, DRAM and NOR flash memory along with other innovative memory technologies, semiconductor systems and packaging solutions for its use in leading-edge computing, networking and mobile products. In the last trading session the company’s share rose by 0.84% (0.14) to close at $16.72.