Nomura Securities Maintains a ''Neutral' on Micron Technology (MU); DRAM Entering A Cold Winter
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Price: $971.66 +2.30%
Rating Summary:
52 Buy, 11 Hold, 0 Sell
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
52 Buy, 11 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a ''Neutral' on Micron Technology (NASDAQ: MU) price target of $6.50.
Nomura analyst says, "Micron reported F1Q (Nov) results that were below our expectations. Revenue came in at $2.09bn, versus our estimate of $2.15bn and consensus of $2.11bn. The strength came from NAND flash, which grew 6% QoQ to $910mn. DRAM revenue, which was flat QoQ at $780mn, was not as bad as feared. However, the NOR business declined 25% QoQ to $284mn. The wireless NOR business continued to suffer from weak demand from the two largest handset OEM customers, Nokia (NYSE: NOK) and Research in Motion (Nasdaq: RIMM). NAND accounted for 44% of sales, followed by DRAM at 37% of sales, and NOR at 14% of sales."
"We are lowering our EPS estimates for F2Q from $(0.09) to $(0.22) and for FY12 from $(0.30) to $(0.54) on lower revenue and margins. Our FY13 EPS estimate of $0.20 is unchanged...We continue to expect an elongated bottom in DRAM earnings and a shallower recovery than in previous cycles."
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 $5.54 yesterday.
Nomura analyst says, "Micron reported F1Q (Nov) results that were below our expectations. Revenue came in at $2.09bn, versus our estimate of $2.15bn and consensus of $2.11bn. The strength came from NAND flash, which grew 6% QoQ to $910mn. DRAM revenue, which was flat QoQ at $780mn, was not as bad as feared. However, the NOR business declined 25% QoQ to $284mn. The wireless NOR business continued to suffer from weak demand from the two largest handset OEM customers, Nokia (NYSE: NOK) and Research in Motion (Nasdaq: RIMM). NAND accounted for 44% of sales, followed by DRAM at 37% of sales, and NOR at 14% of sales."
"We are lowering our EPS estimates for F2Q from $(0.09) to $(0.22) and for FY12 from $(0.30) to $(0.54) on lower revenue and margins. Our FY13 EPS estimate of $0.20 is unchanged...We continue to expect an elongated bottom in DRAM earnings and a shallower recovery than in previous cycles."
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 $5.54 yesterday.
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