Micron Technology (MU) PT Raised to $100 at Mizuho Securities on Improving Memory Prices

Mizuho Securities analyst Vijay Rakesh raised the price target on Micron Technology (NASDAQ: MU) to $100.00 (from $85.00) while maintaining a Buy rating on improving memory pricing with shortages.

The analyst commented, "Our checks in the memory and PC supply chain point to 1) MarQ PC demand running ahead of expectations with Taiwan ODMs noting 4-7% upside to prior expectations and INTC building on some PC share gains from 4Q20; 2) concerns of potential DRAM 2H21 shortages with JunQ DRAM ASPs potentially up 10-15% q/q with strong PC and server demand and expectations of strong 2H21; 3) NAND ASPs are also turning up in 1Q with better PC client SSD demand, expected MSFT data center capex pickup and 2Q China handset demand for 256GB NAND and 12GB DRAM. We are raising estimates for MU, WDC, reiterating Buy and raising PTs on MU to $100, WDC to $80 and INTC to $70."

Raising MayQ rev/EPS from $6.4B/$0.98 to $6.5B/$1.10, F21E from $25.2B/$3.84 to $25.4B/$4.21 and F22E from $31.5B/$6.50 to $32.8B/$8.30.

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