Mizuho Securities Downgrades, Cuts Price Target Following Micron Technology (MU) 3Q EPS Miss

Mizuho Securities downgraded Micron Technology (NASDAQ: MU) from Buy to Neutral and cut the price target to $30.00 (from $37.00), following 3Q15 results. MU reported revenues $3.9B, in line with consensus. EPS at $0.54 was modestly light of consensus $0.57. MU guided F4Q(Aug) revenues at $3.5-3.7B below consensus of $4.2B.

Analyst Vijay Rakesh commented, "MU reported its 3Q15 revenues/EPS at $3.9B/$0.54, modestly light of consensus of $3.9B/$0.57. MU guided F4Q(Aug) revenues at $3.5-3.7B below consensus of $4.2B. While weaker DRAM ASPs were expected, higher than expected 20nm and DDR4 transition costs could compound a PC headwind over the next 2-3 quarters. L-T we continue to see structural supply discipline in memory, but we are moving to the sidelines given the near-term headwinds. We are downgrading MU to Neutral, $30 PT from $37 and also lowering our estimates."

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 $24.02 yesterday.

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