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Micron Technology (MU) Stock Gains After Barclays Initiates Coverage

NEW YORK (TheStreet) -- Shares of Micron Technology (MU - Get Report) were gaining 2% to $15.81 Monday after analyst firm Barclays initiated coverage of the chipmaker.

Barclays initiated coverage of Micron with an "overweight" rating, setting a price target of $20 for the company. The analyst firm expects the chipmaker to report earnings of $2.64 a share for fiscal 2015 and $1.76 a share in fiscal 2016.

"While recent weak demand and DRAM pricing trends likely indicate some risk to numbers, our below-consensus estimates still leave MU trading close to 7x our CY16E EPS vs. avg 9x Fwd P/E over the last two years," Barclays analysts wrote.

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The analyst firm believes that much of Micron's near-term risk is already priced into the stock. Barclays analysts said that stable market dynamics and opportunity for improved relative costs with the ramp of 20nm DRAM and 3D NAND combined with recent pullbacks imply more upside to the stock.

TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to...