Brean Capital Raises Price Target on Micron Technology (MU) to $18; Reiterates Buy
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Brean Capital reiterated a Buy rating on Micron Technology (NASDAQ: MU), and raised the price target to $18.00 (from $14.00), after meeting with management at the Flash Memory Summit last week.
Analyst Mike Burton commented, "Following our meetings at the Flash Memory Summit (FMS) last week, and the recent increases in DRAM contract prices, we believe it is very likely that the Street will be increasing estimates following MU’s report next month. The combination of positive data points that we have gathered not only allow us to be more positive in the near term, but also further strengthens our longer term view on MU shares that we articulated when we launched on the stock in April with a Buy rating. Effectively, our thesis remains the same that both the demand dynamics in the DRAM and NAND industry are improving as we move into the 2H16 and 2017. These positive industry dynamics are coupled with our belief that the company is executing on its current cost initiatives as it is transitioning to 20nm in DRAM (bit crossover to 20nm was the May Q), and also working to deliver 3D NAND as the majority of the NAND output (bit crossover is expected to be this Fall). Netting our near-term and long-term view, we are increasing our TP to $18 from $14 and reiterating our Buy rating on shares of MU."
Shares of Micron Technology closed at $15.53 yesterday.
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