Micron (MU) PT Raised to $19 at Cowen as Rising ASPs Suggest EPS Upside

September 1, 2016 6:49 AM EDT
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Price: $16.94 -1.57%

Rating Summary:
    29 Buy, 9 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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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.

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 $16.49 yesterday.

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