In Monday trading, shares of Micron Technology Inc. (MU, Financial) rallied about 10% after analysts at Nomura raised their price target to $100 from $55, an 83% upside to Friday’s closing price.
In addition, Instinet analyst Romit Shah said of the stock:
"We see DRAM pricing resuming an upward trend in Q2, a first-time dividend and share buyback announcement in May, continued margin expansion in NAND and increased M&A discussion as important catalysts."
The average price target is $61.89, which is 3.5% higher than the current market price.
In addition, Time Warner Inc. (TWX, Financial) traded higher on Monday on rating news, in which the company received an upgrade to buy from UBS.
Shares of Tsakos Energy Navigation Ltd. (TNP, Financial) gained ground on the heels of the company reporting its financial results for the fourth quarter. The company posted adjusted earnings per share of three cents. Revenue grew 2.9% year over year to $134.52 million, beating estimates by $27.4million.
Revenues net of voyage expenses for the period were $106.6 million, a 7.6% increase from the prior-year quarter, while total voyage expenses declined 11.8% as more of the fleet’s vessels were placed under time charters.
Moreover, the company will pay a dividend of five cents per common share on May 10. The company will have distributed a total of $10.65 per share in dividends since its listing on the New York Stock Exchange in March 2002.
Disclosure: The author holds no position in any stocks mentioned.
