Micron (MU) Price Target Rasied at RBC Capital

March 22, 2013 9:19 AM EDT
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Price: $22.32 +2.67%

Rating Summary:
    32 Buy, 8 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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RBC Capital's Doug Freedman raised his price target on Outperform-rated Micron Technology (NASDAQ: MU) from $10 to $12 following solid Q2 results after the close.

"Solid results (excluding the impacts from currency hedges and sale of 200mm fab) as the company is increasingly focused on execution in core memory markets with a greater sense of focus on delivering leverage to the margin structure," Freedman states. "In our view, the ASP/GB range is centering across its product portfolio, where the high-quality bits prices decline while lower quality bits sell in the spot market for higher prices. Longer term we believe this will drive less volatility from mix shifts and a more consistent operating margins. We believe MU is attempting to maximize margin opportunities across the portfolio, as the company is increasingly adjusting product mix and technology output for margins (as seen this quarter with Inotera's PC bits)."

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 $9.07 yesterday.

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