Micron (MU) Est., PT Cut at RBC Capital

RBC Capital analyst Doug Freedman reiterated an Outperform but trimmed estimates and his price target on Micron Technology (NASDAQ: MU) to $40.00 (from $44.00)

"We reduce our EPS estimates by 10% in FY2016 on lower DRAM bit growth expectations for FY2015 flowing through the model, but valuation continues to be attractive at 10.4x EV/NTM FCF," the analyst commented.

The firm is now below Street estimates, estimating FebQ revenues/GMs/pro-forma EPS of $4.203bil/30.0%/$0.63 vs. Street $4.196bil/33.8%/$0.77 vs. RBC prior estimates of $4.203bil/35.2%/$0.80.

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 $28.51 yesterday.

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