Nomura Securities maintains a 'Neutral' on Micron Technology (MU); Analyst Meeting Recap

Nomura Securities maintains a 'Neutral' on Micron Technology (NASDAQ: MU) price target of $8.00.

Analyst, Sidney Ho, said, "We attended Micron’s analyst meeting last week and walked away more confident that there is no change to the company’s strategic vision. Micron is sticking with its FQ2 (February) DRAM pricing guidance despite much higher spot prices in recent weeks.. On the technology front, Micron will shift its R&D focus for DRAM to 20nm, skipping the interim step of 25nm. Micron plans to invest an additional $170mn in Inotera through a private placement. The lack of near-term DRAM upside may be somewhat disappointing to investors, given recent strength in spot prices. Meanwhile, comments on NAND supply growth give us confidence that 2H12 supply will be tight. Our price target of $8 is based on 1.0x CY12E book value. Our estimates remain unchanged at 2012/2013 EPS of -$0.31/$0.40."

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 $7.91 yesterday.

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