Baird Cuts Price Target on Micron Technology (MU) Following 2Q; Expects EPS Losses Through Feb
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Baird maintained a Neutral rating on Micron Technology (NASDAQ: MU), and cut the price target to $12.00 (from $13.00), following the company's 2Q earnings report. Micron reported F2Q16 non-GAAP EPS of ($0.05), above the Street's ($0.09) estimate and guidance midpoint. Revenue of $2,934 million, down 12.4% sequentially, was near the low end of guidance of $2,900-$3,200 million. Baird sees potential for EPS losses through February, as expectations show DRAM to remain overcapacity for the rest of the year.
Analyst Tristan Gerra commented, "Reiterating Neutral rating on our expectation for EPS losses through the Feb Q, as we expect DRAM to remain in overcapacity for the rest of the calendar year. We believe Samsung’s 18nm DRAM is ready and will launch sometime this year, further pressuring DRAM pricing. We also expect Samsung to pressure NAND pricing this year on 3D NAND cost down action."
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 $10.48 yesterday.
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