Micron Technology (MU): Buy On Weakness - Nomura
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Nomura Securities analyst, Romit Shah, reiterated his Buy rating on shares of Micron Technology (NASDAQ: MU) and recommend investors use any weakness to add to positions.
The analyst forecasts revenues of $3.2b, gross margin of 19% and EPS of -$0.10 for the August period. Momentum should continue in the November period with estimated DRAM sales to increase 17% to $2.47b. This is driven by 15% bit growth and 2% growth in asps. Combined with modest (low- to mid-single-digit growth) in NAND, this drives FQ1 revenues to $3.6b (+13% qoq), versus consensus of $3.4b.
Investors should contemplate that Specialty DRAM, which accounts for 25-30% of total DRAM shipments, has not seen the same level of pricing strength as PC, server and mobile. In addition, Micron’s NAND business continues to face headwinds. Additionally, the company’s floating gate 3D competitiveness is weak and thus far is really only selling in the channel, which carries lower asps than SSDs.
No change to the price target of $23.
Shares of Micron Technology closed at $17.44 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Micron (MU) PT Raised to $25 at Brean Capital; Upbeat on Low Inventories
- Crocs (CROX) PT, Estimates Trimmed at Susquehanna
- Jefferies Raises Price Target on Parker-Hannifin (PH) Ahead of Acquisition Close
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change
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!