RBC Capital Raises Estimates on Micron (MU); Sees Aug. Qtr EPS Well Above the Street
RBC Capital analyst Mitch Steves raised estimates while reiterating an Outperform rating and $55.00 price target on Micron Technology (NASDAQ: MU).
- raising estimates on Micron to reflect an improving memory environment and our sense that the Company has raised prices by 10% during the quarter.
- while August has not come to a close, we think we'll be ahead in terms of estimate revisions and move to $0.60 for the August quarter which is well ahead of their $0.38-0.52 guidance.
- Importantly, we wouldn't be surprised to see numbers ahead of our new $0.60 in-print number and note that we are now Street high.
Shares of Micron Technology closed at $43.81 yesterday.