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MU

Micron

$17.73

-0.05 (-0.28%)

13:30
10/04/16
10/04
13:30
10/04/16
13:30

Bullish play in Micron ahead of earnings

Bullish play in Micron ahead of earnings. An investor sells 10K Nov 17-strike puts at 75c to buy 5K Nov 18 calls for $1.07. The investor also sold 610K shares at $17.80 and possibly swapping stock for a risk-reversal. Separately, in the Oct 7th Weeklys, an investor sells 3.7K 17 puts at 29c, 3.7K 16 puts at 6c and 3.7K 19 calls at 24c, which seems to be expressing the view that shareswill see relatively little movement through the rest of this week. Total volume is 87K puts and 52K calls. The company reports after market today. Shares lost 9.2% to $12.50 on 7/1 after the previous report, but has surged 41.6% since that time.

  • 04

    Oct

MU Micron
$17.73

-0.05 (-0.28%)

10/03/16
MSCO
10/03/16
NO CHANGE
MSCO
Overweight
Morgan Stanley continues to recommend buying Micron
Morgan Stanley analyst Joseph Moore recommends to continue buying Micron given the strong pricing backdrop and strong DRAM bit growth the last 2 quarters, which should drive an earnings inflection higher. Moore sees upside to Q1 numbers and an upward revision to his FY17 $1.22 estimate as he expects DRAM pricing to remain strong, with NAND a bit more mixed, for the next several quarters. The analyst is not making a trade into tomorrow's report due to lack of transparency into guidance, but recommends buying shares into a strong November quarter and beyond. Moore rates Micron a Buy with a $20 price target on shares.
09/29/16
NOMU
09/29/16
NO CHANGE
Target $23
NOMU
Buy
Nomura remains a Buyer of Micron, especially on weakness
Nomura analyst Romit Shah believes we are in the early part of a positive earnings revision cycle for Micron. The analyst raised his November earnings estimate to 17c, above consensus of 8c, but below "perceived" consensus of 20c-25c. Shah said DRAM's pricing outlook is the key driver as pricing and mix are improving. The analyst remains a buyer of Micron and reiterates his Buy rating and $23 price target.
09/16/16
09/16/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Wal-Mart (WMT) coverage assumed with an Outperform from Neutral at Credit Suisse with analyst Edward Kelly saying he is encouraged by Wal-Mart's return to traffic growth against a deteriorating staples retail environment and its aggressive U.S. investments to solidify its position in an evolving industry. 2. Clorox (CLX) upgraded to Overweight from Neutral at Atlantic Equities. 3. Comerica (CMA) upgraded to Conviction Buy from Neutral at Goldman with analyst Ryan Nash saying he sees upside to Comerica's current recently announced strategic plan to improve pre-tax returns by $230M. 4. Hormel Foods (HRL) upgraded to Buy from Hold at Edward Jones. 5. Micron (MU) upgraded to Buy from Neutral at Cleveland Research with analyst Kevin Rottinghaus saying Micron's execution has improved and progress in DRAM and NAND fundamentals over the past 2-3 months is sustainable into 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/16/16
CLVD
09/16/16
UPGRADE
CLVD
Buy
Micron upgraded to Buy on sustainable DRAM and NAND at Cleveland Research
As previously reported, Cleveland Research upgraded Micron to Buy from Neutral. Analyst Kevin Rottinghaus said Micron's execution has improved and progress in DRAM and NAND fundamentals over the past 2-3 months is sustainable into 2017. He sees several catalysts over the next 12 months including DRAM demand outpacing bit supply growth for CY17, improved DRAM demand outlook for computing, data center, and mobile, improving execution at 20nm, Micron appearing to be second to market with 3D SSD solutions, and NAND expected to be in tight supply through 2017. Rottinghaus expects additional material positive estimate revisions over the next 6+ months.

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