MKM Partners Reiterates Buy Ahead of Micron Technology's (MU) 4Q Report
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MKM Partners reiterated a Buy rating and $21.00 price target on Micron Technology (NASDAQ: MU) ahead of the company's 4Q earnings report. Investors should note that MU implicitly signals a slowdown in NAND cost declines, resulting in two-year targets closer to the more modest end of down 20%-30%/Y.
Analyst Ian Ing commented, "Micron is scheduled to report F4Q16 earnings results on Tuesday, October 4. Following our positive mid-August note , we are raising our 4Q16 and FY17 estimates again to reflect increasingly positive trends in memory pricing and recent commentary at competitor conferences. Our above-Street FY18 EPS estimate remains at $1.75, which we feel represents achievable mid-cycle earnings power. We maintain our Buy rating and see near-term support for a $21 price target (19.5x our ~CY17E EPS of $1.07). This is also a mid-cycle multiple of 12x earnings to our FY18 EPS estimate."
Shares of Micron Technology closed at $17.48 yesterday.
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