Micron (MU) PT Raised to $19 at Cowen as Rising ASPs Suggest EPS Upside
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Cowen analyst Timothy Arcuri reiterated an Outperform rating and raised his price target on Micron Technology (NASDAQ: MU) to $19.00 (from $15.00) saying rising ASPs suggest upside to the company's August quarter.
"Barring a surprise on costs, 3rd party pricing implies EPS more like ($0.05) base case and maybe even breakeven - far better than Street ($0.16)," Arcuri said.
"We are increasing estimates and target from $15 to $19 and believe MU now likely moves ahead w/Inotera at existing terms as a deal with China (Tsinghua) appears likely. Samsung remains key for '17," he added.
Shares of Micron Technology closed at $16.49 yesterday.
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