Micron (MU) Buying Elpida Could Lead to 'More Strategic Relationship' with Apple (AAPL) -Raymond James

Shares of Micron (NYSE: MU) gapped higher Wednesday morning and promptly bounced off the 50-day simple moving average as traders may be responding to a reassuring research note from Raymond Jame's Hans Mosesmann earlier. The stock last traded at $6.40, up more than 6 percent from Tuesday's close.

Mosesmann believes the proposed deal for Micron to buy Elpida could eventually result in a "more strategic relationship" with Apple (Nasdaq: AAPL). He noted recent reports suggesting Apple has increased orders with Elpida and said this is an "implied endorsement from Apple for Micron to proceed with the acquisition."

The Raymond James analyst maintains a Strong Buy and $12 price target on Micron shares.

To track all the market-moving analyst action on shares of Micron, visit our Analyst Ratings page.

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