Micron Technology (MU): Raising PT After Guidance Update - Susquehana
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Susquehanna analyst, Mehdi Hosseini, reiterated his Positive rating on shares of Micron Technology (NASDAQ: MU) and upped his price target to $23 on higher ASP trends and accretion from the Inotera acquisition.
ASP trends drove the upside to the November quarter guidance (announced yesterday), and reflect the accretion impact of the Inotera acquisition (closing in early Dec). The analyst said "ASP trends have improved MU's CY17 earnings power to over $2. Inotera, according to our conservative analysis, will provide at least 2% upside" which is now reflected in the updated CY17 EPS estimate of $2.10.
The PT rises to $23 from $21.
Shares of Micron Technology closed at $19.42 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Management Comments
Related EntitiesSusquehanna International Group of Companies, Earnings, Definitive Agreement
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