Micron Technology (MU): Good Quarter Despite High Expectations - Susquehanna
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Susquehanna analyst, Mendhi Hosseini, reiterated his Positive rating on Micron Technology (NASDAQ: MU) and raised the price target to $21 from $20 after the company reported better than expected Aug Q EPS, driven by better revenues, OM and minority income (from Inotera). However, the mid point of EPS guidance ($0.12) was just in-line with the consensus estimate and below the buy-side expectation of high teens.
Improving DRAM fundamentals, combined with 10%+ decline in FY17 Cap-Ex (22% decline including Inotera) should help drive positive FCF in FY17. Therefore, the analyst raised his CY17 EPS estimate on a higher gross margin along with the price target. The $21 PT equates to 16x CY17 PE, 5x EV/EBITDA, 1.5x EV/sales. and 1.8x BV.
Shares of Micron Technology closed at $17.80 yesterday.
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Related EntitiesSusquehanna International Group of Companies
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