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Fly News Breaks for July 5, 2018
UMC, MU
Jul 5, 2018 | 07:15 EDT
After UMC (UMC) said on Tuesday that a Chinese court issued a preliminary injunction against 26 Micron (MU) devices, Stifel analyst Kevin Cassidy said the injunction may be a "paper tiger" as he does not believe China's goal is to eliminate Micron as a DRAM supplier. He thinks that this is instead part of a strategy, which could take many years, to push Micron toward partnering with China semiconductor foundries. Cassidy said he understands the reaction to sell shares on this announcement, but he believes it may prove to be a buying opportunity and maintains a Buy rating and $108 price target on Micron shares.