Option Millionaires

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Citi reiterates $120 price target on Micron after analsyt meeting
Citi analyst Christopher Danely reiterates a Buy rating on Micron Technology with a $120 price target following the company's analyst meeting. Micron announced a long-term financial model with a high single-digit revenue growth and a 30% operating margin target, in line with its recent financial performance, Danely tells investors in a research note. The analyst believes the 30% normalized operating margins translates to roughly $7.75 in normalized/through-cycle earnings per share. Micron is one of the only stocks in Citi's coverage universe at mid-cycle margins with low exposure to excess inventory, says the analyst.