Worst Is Behind, Buy Micron (MU) On Weakness - Analyst

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Yesterday, Micron Technology, Inc. (NASDAQ: MU) reported Q1 EPS of ($0.27), $0.08 worse than the analyst estimate of ($0.19). Revenue for the quarter came in at $1.88 million versus the consensus estimate of $2.02 million.

Commenting on the developments, analyst Betsy Van Hees of Wedbush said, "Micron reported FQ1 results that fell below our Street-low estimates impacted by now-resolved manufacturing issues and a one-time $62MM loss from yen contract and options hedge."

"While FQ1 was a tough quarter for Micron," continued Hees, "we believe the worst is likely behind the company."

As DRAM and NAND markets improve, Wedbush thinks Micron is poised for a return to profitability in 2013 and recommends investors take advantage of any potential weakness in the stock today to build their positions.

Wedbush has an Outperform rating on Micron Technology (NASDAQ: MU) with a price target of $8.00.

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 $6.79 yesterday, with a 52 week range of $5.16-$9.16.

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