UBS Bumps Micron (MU) PT to $20
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UBS analyst Stephen Chin reiterated a Buy rating and boosted his price target on Micron Technology (NASDAQ: MU) to $20.00 (from $17.00) after the company positively preannounced yesterday that its Aug-16 sales and gross margin will be near the higher end of its guidance with implied EPS about $0.09 better than expected.
Chin commented, "We keep a Buy rating as we believe Micron can successfully execute on its DRAM and NAND cost plans and industry conditions are improved. Micron shared that the upside in the quarter was from mobile customer qualifications being completed, it is seeing ASP improvements in the spot and some contract markets, overall demand is strong in mobile and servers, inventory is lean at OEMs and the channel, and slowing industry supply growth. Micron also reported that this positive momentum is continuing in its current Nov-16 quarter, and guided FY16 EPS to "mid-single cents".
The firm raised FY17 and FY18 EPS estimates to $0.68 and $1.40 versus $0.56 and $1.26 previously.
Shares of Micron Technology closed at $17.45 yesterday.
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