Mizuho Securities reiterates Buy on Micron Technology (MU) Following 2Q EPS Beat
Mizuho Securities reiterated a Buy rating and $13.50 price target on Micron Technology (NASDAQ: MU) following the company's 2Q earnings report. MU reported revenue of $2.93B, a slight miss compared to consensus of $3B. EPS was reported at ($0.05), beating consensus estimates of ($0.09). Guidance for the MayQ remains soft, but Mizuho believes improving 20nm costs and 3D-NAND ramping should be a tailwind into 2H16.
Analyst Vijay Rakesh commented, "Micron reported FebQ rev/EPS of $2.93B/($0.05) and GM of 19.7%, better than consensus of 18.3%. The guidance for the MayQ remains soft with some mobile qualification delays, but we believe improving 20nm costs and 3DNAND ramping should be a tailwind into 2H16. We believe 20nm qualification in client and LPDDR4 for mobile should position MU well into 2H16. MU noted 3D-NAND is now in qualification for enterprise and client. We are adjusting estimates while maintaining our Buy rating and $13.50 PT."
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Shares of Micron Technology closed at $10.48 yesterday.