Micron (MU) PT Raised to $22 at Mizuho
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Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating and raised estimates and the price target on Micron Technology (NASDAQ: MU) to $22.00 (from $20.00) following Q4 results above consensus and Q EPS guidance of $0.13-0.21, well above the $0.09 consensus.
Rakesh commented, "NovQ GM was guided to 23-25.5%, well above 21.6% consensus; but excluding a 200bps benefit from lower deprecation the guide was inline, which may be a disappointment. Topline growth and bit growth are accelerating, the industry is supply constrained in DRAM and NAND, and the Inotera deal should close in the Dec Q, which should all drive more GM improvement."
Shares of Micron Technology closed at $17.80 yesterday.
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