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MU

Micron

$17.80

0.07 (0.39%)

10:50
10/05/16
10/05
10:50
10/05/16
10:50

Calls lead puts 5:1 in Micron on massive calendar spread

Calls lead puts 5:1 in Micron on massive calendar spread. Shares little changed following earnings with 120K calls trading against 23K puts, and most of the flow in the Oct/Dec 20 call spread that was bought on the PHLX for 45c, likely rolling the largest near-term position out another 56 days. Yesterday's closing straddle implied a move near 7% today, yielding gains to a short-term premium sale noted yesterday.

MU Micron
$17.80

0.07 (0.39%)

10/05/16
SUSQ
10/05/16
NO CHANGE
Target $21
SUSQ
Positive
Micron investors should focus on DRAM fundamentals, says Susquehanna
Susquehanna analyst Mehdi Hosseini noted Micron reported better than expected Q4 results driven by higher revenues. The analyst said the company guidance is below the buy-side expectation and he believes they are still challenged by converting planar to 3D NAND. Hosseini said Micron investors should focus on improving DRAM fundamentals as the better environment bodes well for the company's minority interest income and should help free cash flow. Hosseini reiterated his Buy rating and raised his price target to $21 from $20 on Micron shares.
10/05/16
COWN
10/05/16
NO CHANGE
Target $19
COWN
Outperform
Micron interesting on a pullback, says Cowen
Cowen analyst Timothy Arcuri said Micron's guidance was troubling but he still sees a positive bias as DRAM supply/demand remains the first order driver for the company and industry capital expenditure is still being diverted to 3D NAND. Arcuri believes the shares will be interesting on a pullback, but said it is hardly his favorite idea. Arcuri maintained his Outperform rating and $19 price target on Micron shares.
10/05/16
EVER
10/05/16
NO CHANGE
Target $25
EVER
Buy
Micron guidance conservative, buy on weakness, says Evercore ISI
Evercore ISI analyst CJ Muse said Micron's guidance is conservative and continues to believe there will be a DRAM shortage situation in CY17 that will drive earnings power to $2-$3 including SBC. Muse recommends adding to Micron positions on weakness and reiterates his Buy rating and $25 price target.
10/05/16
STFL
10/05/16
NO CHANGE
Target $22
STFL
Buy
Micron only at start of up cycle, says Stifel
Stifel analyst Kevin Cassidy raised his price target for Micron Technology to $22 from $20, saying the company last night delivered a "solid beat" to his expectations and the consensus forecast. The company's non-GAAP EPS guidance "has some controversy" and may cause some weakness in the shares, added Cassidy. However, he would be a buyer on the weakness, citing his view that Micron's up cycle is only at its beginning. The firm keeps its Buy rating on Micron shares.

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