Micron (MU) Buyback a Positive Signal to Investors, Needham & Company Says
Get Alerts MU Hot Sheet
Rating Summary:
45 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Join SI Premium – FREE
Needham & Company analyst Rajvindra Gill reiterated his Strong Buy rating and $60 price target on Micron Technology (NASDAQ: MU) after the company initiates its first stock repurchase program. He sees is as a positive signal to investors.
Gill commented, "Micron, this morning, announced that its Board of Directors has authorized the discretionary repurchase of $1.0Bn of its outstanding common stock. We believe that Micron is following in the footsteps of SanDisk who announced its first dividend and an increased share repurchase program in August 2013. Having generated significant operating and free cash flow the last several quarters and favorable industry conditions, we see more than enough room in Micron's model to support the repurchase and possibly accelerate it. While a $1.0Bn repurchase agreement has a negligible impact to the model ($0.08-$0.11), we are encouraged by the signal management is sending to investors and believe this will be the first step in a multi-year buyback program"
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 $31.06 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Midday movers: Tesla, Blackstone, Las Vegas Sands fall; DR Horton rises
- EVe Mobility Acquisition Corp (EVE) Receives NYSE Non-compliance Notice
- Netflix (NFLX) raised to Buy at Needham & Company on revenue upside
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Needham & Company, Dividend, Stock BuybackSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!