Micron (MU) Target Raised at Needham & Company; Sees 67% Upside
Needham & Company analyst Rajvindra Gill reiterated a Buy rating on Micron Technology (NASDAQ: MU) and lifted his price target sharply from $34 to $40, representing 67% upside to yesterday's close.
Gill comments, "We are raising our PT on MU to $40 from $34 following better than expected quarter/guide due to continued favorable pricing in the NAND/DRAM markets thanks in part to the fire at the Hynix plant and lower DRAM supply due to NAND transitions. We remain optimistic about L-T pricing and we forecast DRAM bit supply growth rate in the 20-30% range owing to stable wafer output combined with slowing process node migrations. We believe MU could earn $3 in FY15 and combined with multiple expansion, which we expect to expand as investors realize that the industry is more profitable and more stable than in the past. We see continued upside at these levels."
The firm raised FY 2014 EPS from $2.55 to $2.85 and FY 2015 EPS was raised from $2.85 to $3.00.
Shares of Micron Technology closed at $24.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Reiterates Buy on Cavium (CAVM) Following Strong 2Q Report
- Twitter (TWTR) PT Cut to $22 at UBS; 'Buy' Maintained
- Jefferies Raises Price Target on CONSOL Energy (CNX) to $20 Following 2Q Earnings
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change, Hot Comments
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!