Micron Technology (MU): Raising PT After Guidance Update - Susquehana

Susquehanna analyst, Mehdi Hosseini, reiterated his Positive rating on shares of Micron Technology (NASDAQ: MU) and upped his price target to $23 on higher ASP trends and accretion from the Inotera acquisition.

ASP trends drove the upside to the November quarter guidance (announced yesterday), and reflect the accretion impact of the Inotera acquisition (closing in early Dec). The analyst said "ASP trends have improved MU's CY17 earnings power to over $2. Inotera, according to our conservative analysis, will provide at least 2% upside" which is now reflected in the updated CY17 EPS estimate of $2.10.

The PT rises to $23 from $21.

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 $19.42 yesterday.

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