MKM Partners Reiterates Buy Ahead of Micron Technology's (MU) 4Q Report

September 26, 2016 1:36 PM EDT
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Price: $21.96 +1.15%

Rating Summary:
    32 Buy, 8 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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."

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 $17.48 yesterday.

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