Barclays Reiterates an 'Overweight' on Micron Technology (MU); Likely Winner for Elpida

Barclays reiterates an 'Overweight' on Micron Technology (NASDAQ: MU) price target of $11.00.

Analyst, C.J. Muse, said, "Over the weekend, Elpida informally chose Micron to sponsor its restructuring. While the terms of the deal are still being worked out, we believe consolidation will be positive on two fronts for Micron: 1) consolidation of the DRAM industry to three dominant firms should be quite positive for pricing, and 2) we continue to see asset purchases as a cheap method of eventually securing capacity that can be converted to NAND/NOR. With shares trading at 0.84x TBV, we continue to see material upside from here."

Barclays maintains FY12 EPS loss at -0.32 and FY13 at $0.70 profit.

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 $6.55 yesterday.

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