Micron Technology (MU) PT Raised to $53 at Mizuho Securities

Mizuho Securities analyst Vijay Rakesh raised the price target on Micron Technology (NASDAQ: MU) to $53.00 (from $50.00) while maintaining a Buy rating.

The analyst commented, "We believe N-T, MU's NovQ is tracking in line with consensus on continued PC strength from the Win10 refresh and US data center spending pickup into 4Q/Dec. That said, we are conservatively reducing our FebQ top line/EPS estimates, given weak spending into Chinese New Year in January, PC seasonality, and weak data center into early Jan-Feb when spending also typically slows and we see potential for some inventory/ASP headwinds. While we are trimming our FebQ/F20E estimates, we continue to see MU well positioned in later 2020 with improving inventories, 5G/data center ramps, and 2020 DRAM/NAND pricing stabilization with 96L/112L 3D-NAND ramps, and raise our F21 estimates slightly. Maintain our Buy, raise PT to $53."

You May Also Be Interested In

• New Street Research Upgrades Micron Technology (MU) to Buy
• Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating
• Travel Food Services (TRAVELFO:IN) PT Raised to INR1,600 at ICICI Securities