Jefferies Raises Micron Technology (MU) Price Target 50% on Earnings Power

March 22, 2013 12:04 PM EDT
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Price: $22.18 -0.58%

Rating Summary:
    32 Buy, 8 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Micron Technology (NASDAQ: MU) impressed Wall Street with solid execution during the second quarter and developing earnings power. The results have prompted Jefferies to boosts its price target by 50 percent, from $10 to $15. The reiterated a Buy rating.

"Solid execution allowed positive secular industry fundamentals to flow through the model driving 600bps of GM expansion QoQ," the analyst said. "Our recent conversations with investors in Europe indicate the power of Moore Stress in driving structurally favorable DRAM and NAND prices, gross margin expansion, and $2 EPS ex-Elpida, is under-appreciated. We believe there is upside to our Street-high estimates."

The firm trimmed Q2 EPS from ($0.22) to ($0.28), but raised FY13 EPS from ($0.60) to ($0.23) and raised FY14 EPS $0.69 to $2.33.

For an analyst ratings summary and ratings history on Micron Technology click here. For more ratings news on Micron Technology click here.

Shares of Micron Technology closed at $9.07 yesterday.

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