Micron's (MU) Buy Rating Reiterated at Deutsche Bank

October 5, 2016 9:04 AM EDT
Get Alerts MU Hot Sheet
Price: $21.71 -2.73%

Rating Summary:
    32 Buy, 8 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Deutsche Bank maintained a Buy rating on Micron Technology (NASDAQ: MU) with a price target of $20. Comments followed Q4 results. Analyst Sidney Ho pointed out that while near term improvements fell short, industry tailwinds continue.

"MU posted a solid F4Q with lower opex driving an EPS beat. Its F1Q EPS guidance, however, will likely cause investor confusion and disappointment, as a majority of the improvement comes from a change in accounting and nonGAAP calculation, rather than better pricing and margins. While we had hoped for a stronger like-for-like guide, we note that market conditions for both DRAM and NAND are improving, and we believe MU is poised to benefit as its new products (20nm DRAM and 3D NAND) continue to ramp, with margin expansion likely to follow. Importantly, disciplined capex behaviors should limit DRAM supply growth in 2017. We reiterate our Buy and $20 price target," said Ho.

For an analyst ratings summary and ratings history on Micron Technology click here. For more ratings news on Micron Technology click here.

Shares of Micron Technology closed at $17.80 yesterday.

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