Micron Technology (MU): Guiding For A Jump In Sales and Gross Margin - Wells Fargo
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Wells Fargo analyst, David Wong, reiterated his Outperform rating on shares of Micron Technology (NASDAQ: MU) after August quarter results came in at the top end of original guidance, consistent with the update in early September.
The company is guiding for a sharp rise in revenue and gross margin in the November quarter as guidance reflects improvement in the business environment as well as lower costs for Micron, though gross margin is also helped in part by a change in the depreciation lifetime assumption.
The analyst increased his FY17 GAAP EPS estimate to $0.60 from $0.02, and introduced FY18 revenue and GAAP EPS of $15.4 billion and $1.09. No change to the valuation range of price target of $20 - $24.
Shares of Micron Technology closed at $17.80 yesterday.
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