Micron's (MU) Price Target Raised to $20 at Deutsche Bank
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Deutsche Bank maintained a Buy rating on Micron Technology (NASDAQ: MU) and raised its price target to $20.00 (from $15.00). Analyst Sidney Ho said demand-supply balance shifted decisively more positive since July.
"The DRAM market has shown an encouraging turnaround in the past two months, driven by the combination of disciplined industry capex, product mix optimization and stronger-than expected PC/smartphone demand. Amid these tailwinds, MU also seems to be executing well on its product roadmaps, driving more competitive cost structure and allowing it to regain share. This momentum is set to continue in 4Q and we believe the current supply tightness will moderate the seasonal softness for DRAM pricing in 1H17. Consequently, we raise our EPS estimates and move our PT to $20," said Ho.
Shares of Micron Technology closed at $16.51 yesterday.
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