Boston, MA 06/02/2014 (wallstreetpr) – Micron Technology, Inc. (NASDAQ:MU) got a boost last week from analysts at UBS, who raised their price target on the chipmaker and reiterated a favorable recommendation on the stock. The analysts increased their price target on the stock modestly to $32 per share from $30 and maintained a “buy” rating on the stock. The move to adjust the price target on the stock of Micron alone does not make news in itself unless you look at the reasons that the analysts provided for their decision.
The analysts debunked concerns over faltering demand and oversupply in DRAM and NAND Flash industry as misplaced. The analysts also observed that that Micron Technology, Inc. (NASDAQ:MU) is well-placed to benefit even from modest growth in the industry because of the company’s balanced chip manufacturing. Having initially predicted F2014, F2015 and F2016 earnings to be $2.83, $2.75 and $2.50, UBS upped that estimate to $2.86, $2.94 and $2.85, respectively.
Because of successful inroad in the non-PC market, Micron ended 2013 with big success on the year that saw the company ranked among the top five chipmakers and its stock price also doubled in the last one year.
Rite Aid Corporation (NYSE:RAD) has kicked off the month of June by keeping its customers on high alert for various deals. The deals will not only help customers to make significant cost-savings on their purchases, but also boost sales in the drug store operator. The company needs to attract bigger traffic to its stores to make up for what it may have missed in the early months of the year when the harsh winter weather kept many people away from stores.
In addition to offering a wide range of incentives to customers to boost sales, Rite Aid Corporation (NYSE:RAD) is also investing in its image. The company, through its foundation Rite Aid Foundation, recently announced $5,000 funding to the Vermont Association for the Blind and Visually Impaired (VABVI). The Rite Aid Foundation has provided similar grants to the organization in the past, which include $5,000 in each of the years: 2010, 2012 and 2013.
UBS AG (NYSE:UBS) has said in a statement to news outlets that it is unaware of any investigations into its Belgian operators. The bank was responding to claims that it was being investigated by Belgian authorities in connection with money laundering activities. Instead, UBS said it operators within the law everywhere. A Belgian magazine had reported that the bank was encouraging money laundering activities in Belgium.