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Fly News Breaks for September 21, 2018
MU
Sep 21, 2018 | 09:22 EDT
MKM Partners analyst Ruben Roy kept his Buy rating and $63 price target on Micron after its Q4 results and disappointing Q1 outlook, saying that in spite of the near-term revenue and gross margin headwinds, he still sees longer term demand for DRAM and NAND memory as "robust". The analyst also believes that the company's execution on "technology ramps, cost reduction, and balance sheet improvement goals is strong", while investors' concerns about the extent of its stock buyback are unfounded. Roy adds that risk-reward on Micron is favorable with the shares trading at "less than 5-times trough".
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