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Fly News Breaks for June 24, 2015
MU
Jun 24, 2015 | 09:22 EDT
Needham cut its earnings estimates for Micron after its channel checks indicated ongoing PC weakness amid excess supply. The firm also cut its price target for shares to $40 from $50. It keeps a Strong Buy rating on the name, however, saying shares look "egregiously inexpensive" at current levels. Needham sees "several catalysts" to drive Micron's gross margin higher over the next several quarters and it recommends buying the stock on any weakness.
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