Micron Technology (MU): Raising Ests After Positive Preannouncement - Mizuho
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Mizuho Securities analyst, Vijay Rakesh, reiterated his Outperform rating on shares of Micron Technology (NASDAQ: MU) after the company announced it sees August quarter revenue/GM at the high end of prior guidance. It sees momentum sustaining into F1Q17E(Nov), and F17 capex should be flat y/y. Looking ahead, it sees an improving DRAM/NAND market with F16 nonGAAP EPS in positive territory.
MU now sees a two-year DRAM bit growth CAGR from 2015-17 of 20-30%, ahead of its low- to mid-20% from F3Q16. NAND bit shipments are expected to remain the same, as previously estimated (around 30-40% bit growth). No change to the price target of $20.
Shares of Micron Technology closed at $17.45 yesterday.
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