Micron Technology (MU) Readthroughs From SK Hynix- Needham

Needham & Company analyst Rajvindra Gill reiterated a Buy rating and $70.00 price target on Micron Technology (NASDAQ: MU) after SK Hynix reported quarterly results showing a 1% Q/Q increase in revenues. SK Hynix is the second largest memory vendor in the world, with Micron taking the third spot so market themes from one are likely to affect the other.

The analyst stated "DRAM prices fell by 7% in Q4, vs. a 16% drop in Q3. SK cited increased demand at PC and hyperscaler customers, coupled with a slowdown in price erosion across all applications. Meanwhile, NAND ASPs were flat, vs. a 4% increase in Q3. Although prices grew in major NAND applications, blended ASPs were flat Q/Q due to an increased sales mix of high-density products, which carried lower prices per unit. We view SK Hynix's results and commentary on memory demand and pricing as positive read-throughs to Micron and the memory industry".

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 $55.11 yesterday.

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