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Fly News Breaks for March 20, 2017
Mar 20, 2017 | 08:18 EDT
Nomura analyst Romit Shah says that DRAM spot prices "flattened" over the last month and fell almost 2% last week. The analyst believes that investors are too focused on DRAM pricing trends' impact on Micron ,and he says that the performance of the stock has tended to correlate with its operating margin. The analyst thinks that the company's operating margin during its May quarter will reach 26%, which, based on historical norms, should result in a share price of $32, versus the stock's current level of $25.80. Shah keeps a Buy rating on the shares.
News For MU From the Last 2 Days
May 22, 2017 | 10:10 EDT
Micron put volume 5x normal and leading calls 11:3. Shares $28.07 with 5200 June 26 puts trading from 31-32c. Potentially closes a short position opened during last-week's selloff for 62c when shares were $27.26.
May 22, 2017 | 08:46 EDT
Cowen analyst Timothy Arcuri revisited the likelihood of Western Digital (WDC) acquiring the remaining roughly 50% share of Toshiba (TSOBF) Flash Ventures. He believes the deal would be accretive by 10-15% in 2018 and said they remain the most strategic of buyers for the division. Arcuri views Hynix and Micron (MU) as much less likely bidders due to antitrust review, while any deal with Broadcom (AVGO) would have to most likely be backed by fixed economics with Apple (AAPL) or related to Toshiba's discrete/system LSI assets in a Brocade-like (BRCD) deal. Arcuri reiterated his Outperform rating and $115 price target on Western Digital shares.
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