MKM Partners Raises Price Target on Micron Technology (MU) to $21; Reiterates Buy
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MKM Partners reiterated a Buy rating on Micron Technology (NASDAQ: MU), and raised the price target to $21.00 (from $19.00), after adjusting estimates. DRAM spot pricing has been up high-teens since the start of Micron's August quarter. Checks also suggest that the PC DRAM contract should continue to rise in August 1H/2H after rising mid-single-digits in July.
Analyst Ian Ing commented, "We are raising our EPS estimates to Street-high for FY16 (August) and well into the upper half of consensus in FY17. Sell-side estimates remain too low, in our view, and need to rise closer to improving Buy-side sentiment. We see both concrete (spot, contract) and more anecdotal evidence (one quarter-length contract requests) that pricing is rising as the supply-demand balance is increasingly achieved. We maintain our Buy rating and raise our price target from $19 to $21 (1.9x our tangible book value estimate of $11.31)."
Shares of Micron Technology closed at $14.93 yesterday.
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