Roth Capital Cuts Price Target on Micron Technology (MU) Following 3Q15 Results
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Rating Summary:
45 Buy, 7 Hold, 2 Sell
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Up: 13 | Down: 11 | New: 14
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Roth Capital reiterates a Buy rating on Micron Technology (NASDAQ: MU), and cut the price target to $33.00 (from $40.00), following 3Q15 results. MU reported revenue of $3.853 billion versus Roth's $4.012 billion Estimate, and GAAP EPS results of $0.42 compared to $0.60 estimate.
Analyst Krishna Shankar commented, "Following weak 3Q15 revenue/GAAP EPS results of $3.853 billion/$0.42 versus our $4.012 billion/$0.60 estimate, management gave guidance for revenues to decline by 7% q/q with weak DRAM pricing and stabilizing NAND flash pricing and modest decline in bit shipments. Despite near-term headwinds, we remain positive longer-term on 2015/2016 DRAM and NAND flash pricing and demand due to industry consolidation and muted capacity additions. We view Micron's focus on higher-margin server, networking, mobile DRAM and 3-D NAND flash as a positive."
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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