Nomura Securities Maintains a 'Neutral' on Micron Technology (MU); Nov-11Q Preview

Nomura Securities maintains a 'Neutral' on Micron Technology (NASDAQ: MU) price target of $6.50.

Nomura analyst, Sidney Ho, said, "Micron will report F1Q (Nov) results after the market close on Wednesday, December 21st. We expect the company to report a loss of $(0.12), vs. consensus at a loss of $(0.08), driven by the continued weakness in PC DRAM. In addition, we expect a larger equity loss from the Inotera JV. While we expect the NAND business to remain strong, we do not believe it will be enough to offset the DRAM weakness. Despite attractive valuation, we believe it is too early to get positive on the stock as we see more estimates cuts ahead. We’ll remain on the sideline until we see more significant industry supply cuts in DRAM or PC demand improves."

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 $5.55 yesterday.

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