Oppenheimer Downgrades Micron Technology (MU) to Perform

March 26, 2012 7:57 AM EDT
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Price: $21.89 -0.32%

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Oppenheimer downgraded Micron Technology (NASDAQ: MU) from Outperform to Perform until profitability becomes visible.

The firm said the company needs visibility to profitability, not Elpida.

"If Micron does not get hijacked into buying some or all of Elpida, we think it's on the right path to profitability and on FCF as most of capex spend is done for the year," the analyst comments. "MU's financial strength has come from cost cutting, i.e., US jobs, and now rescuing Taiwanese and Japanese jobs makes sense, if, and only if, there is help from other stakeholders. If one thinks about it, the stakeholders are the Taiwanese and Japanese governments, PC and handset OEMS including Apple and even Intel, TSMC, and others."

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 $8.40 yesterday.

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