Micron price target raised to $500 from $320 at Wedbush

Wedbush analyst Matt Bryson raised the firm’s price target on Micron (MU) to $500 from $320 and keeps an Outperform rating on the shares. The setup for Q2 seems more positive than Wedbush’s previous expectations that both NAND and DRAM would likely climb in the 30%-50% range. Furthermore, the firm would note that its conversations with industry participants post CNY have not signaled any fall-off in memory trends. Wedbush is confident its prior number were too low and that both Q2 results and Q3 guidance will be well ahead of its revised expectations.