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MU

Micron

$20.58

-0.07 (-0.34%)

, WDC

Western Digital

$69.22

0.27 (0.39%)

11:03
12/22/16
12/22
11:03
12/22/16
11:03

Micron advances as analysts applaud results

The shares of Micron (MU) are climbing after the company reported better than expected first quarter results and provided second quarter guidance that beat expectations. Research firm Needham responded to the results by raising its rating on the stock two notches, to Buy from Underperform. Additionally, a number of other firms increased their price targets on the name. RESULTS: Micron reported Q2 EPS of 32c, versus a consensus outlook of 28c. The company's revenue came in slightly above expectations. It said that sales volumes of DRAM and NAND, two forms of flash memory, jumped 18% and 26%, respectively versus the previous quarter, while DRAM average selling prices rose 5%. UPGRADE: Needham analyst Rajvindra Gill raised his rating on Micron two notches, to Buy from Underperform, its equivalent of a Sell rating. The analyst believes that the flash memory sector is returning to its very strong 2014 days, when Micron's gross margins reached 35.8% and the stock jumped to $36.50. Unlike in 2014, DRAM is being used in not just PCs, but also in cloud computing, data centers, networking, graphics and auto/ADAS, Gill noted. Demand for both NAND and DRAM is expected to rise by large amounts next year, added the analyst, who set a $33 price target on the shares. TARGET INCREASES: JPMorgan analyst Harlan Sur increased his price target on Micron to $28 from $25. DRAM prices were higher than expected and NAND margins appeared to reach a positive turning point as its costs fell and prices rose, Sur believes. Given the disciplined capex of companies in the sector and "multiple demand drivers" for NAND, supply/demand should be "relatively balanced" for both DRAM and NAND over the medium term, Sur believes. He kept an Overweight rating on the stock. Brean Capital analyst Mike Burton also raised his price target on Micron to $28 from $25. Unlike the previous two quarters, when only the company's top line results were "strong," it delivered significantly higher than expected bottom line results last quarter, Burton stated. Micron is benefiting from positive DRAM and NAND trends, and DRAM supply/demand trends should be "favorable through at least 1H17," the analyst believes. He kept a Buy rating on the stock. WHAT'S NOTABLE: Micron's results indicated that its SSD business is strong, said Craig-Hallum analyst Tony Stoss. Since Micron uses Silicon Motion's (SIMO) controllers in its SSD products, the results are positive for Silicon Motion, the analyst stated. He kept a Buy rating on Silicon Motion. ANOTHER TO WATCH: Western Digital (WDC) owns SanDisk ,which also markets flash memory products. PRICE ACTION: In late morning trading, Micron jumped 13.24% to $23.31, Western Digital rose 3.18% to $71.42, and Silicon Motion gained 1.16% to $46.58.

MU

Micron

$20.58

-0.07 (-0.34%)

WDC

Western Digital

$69.22

0.27 (0.39%)

SIMO

Silicon Motion

$46.04

1.78 (4.02%)

MU Micron
$20.58

-0.07 (-0.34%)

12/22/16
CRSS
12/22/16
UPGRADE
CRSS
Buy
Micron upgraded to Buy from Hold at Cross Research
12/22/16
CHLM
12/22/16
NO CHANGE
CHLM
Micron report positive for Silicon Motion, says Craig-Hallum
Craig-Hallum analyst Tony Stoss said Micron's (MU) positive report highlighted strong demand it its SSD business. Stoss believes this is a positive for Silicon Motion (SIMO) as Micron uses its controller in their SSDs. Stoss rates Silicon Motion a Buy.
12/22/16
EVER
12/22/16
NO CHANGE
Target $30
EVER
Buy
Micron price target raised to $30 from $25 at Evercore ISI
12/22/16
12/22/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Micron (MU) was upgraded to Buy from Hold at Cross Research, to Buy from Underperform at Needham, and to Buy from Hold at Summit Redstone. 2. Sunoco (SUN) upgraded to Outperform from Market Perform at FBR Capital with analyst Robert Balsamo saying the credit facility amendments announced reduce the need for a distribution cut. The analyst has a $32 price target for the shares. 3. National Instruments (NATI) upgraded to Outperform from Neutral at Baird with analyst Richard Eastman saying he sees the potential for accelerating revenue growth over the next few years combined with more determined focus to deliver operating leverage. 4. Merus (MRUS) upgraded to Buy from Neutral at Citi with analyst Yigal Nochomovitz saying the Incyte (INCY) collaboration deal has "very favorable" terms. 5. Sucampo (SCMP) upgraded to Buy from Neutral at Mizuho with the firm citing the sell-off in shares post the $260M convertible raise. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
WDC Western Digital
$69.22

0.27 (0.39%)

12/08/16
CRSS
12/08/16
UPGRADE
CRSS
Buy
Western Digital upgraded to Buy from Hold at Cross Research
12/20/16
GSCO
12/20/16
UPGRADE
Target $68
GSCO
Neutral
Western Digital upgraded to Neutral from Sell at Goldman
Goldman Sachs analyst Mark Delaney upgraded Western Digital to Neutral after his industry discussions indicated that NAND prices may be up 5%-10% quarter-over-quarter in Q1 of 2017. Further, the analyst sees benefits for the company from the weakening yen. He raised his price target for Western Digital shares to $68 from $53.
12/07/16
DBAB
12/07/16
NO CHANGE
Target $75
DBAB
Buy
Western Digital price target raised to $75 from $68 at Deutsche Bank
Deutsche Bank analyst Sherri Scribner raised her price target for Western Digital to $75 following the company's analyst day. The analyst sees three highlights from the day, namely a positive update to Q2 guidance, the unveiling of a better than expected long-term financial model and the finalization of an eight year renewal of an IP licensing and royalty agreement with Samsung. Scribner keeps a Buy rating on Western Digital.
12/07/16
BMUR
12/07/16
NO CHANGE
Target $100
BMUR
Buy
Brean Capital ups Western Digital target to $100, but says could be conservative
Brean Capital analyst Ananda Baruah raised his price target on Western Digital to $100 from $97, but feels it could be conservative. The analyst cited the company's preannouncement of December earnings setting a high run rate, which could be increased with the synergies from its acquisition of SanDisk. He also cited the Samsung patent royalty renewals beginning in August, which will add to earnings. Baruah feels $120-$140 for Western Digital is ultimately possible and he reiterated his Buy rating on the shares.
SIMO Silicon Motion
$46.04

1.78 (4.02%)

10/28/16
CHLM
10/28/16
NO CHANGE
Target $67
CHLM
Buy
Silicon Motion selloff a buying opportunity, says Craig-Hallum
Craig-Hallum analyst Anthony Stoss recommends using today's post-earnings weakness in shares of Silicon Motion as a buying opportunity. Silicon's fundamentals remain intact as SSD demand is likely to drive growth for several years, Stoss tells investors in a research note. He reiterates a Buy rating on the shares with a $67 price target.
12/05/16
LOOP
12/05/16
INITIATION
Target $55
LOOP
Buy
Silicon Motion initiated with a Buy at Loop Capital
Loop Capital initiated Silicon Motion with a Buy rating and $55 price target.
11/03/16
BMUR
11/03/16
NO CHANGE
Target $60
BMUR
Buy
Silicon Motion inexpensive for above-average growth, says Brean Capital
Brean Capital analyst Mike Burton updated his model for Silicon Motion after last week's Q3 results. The analyst admitted the company's ultra-high growth is moderating but shares remain inexpensive for above average growth. Burton believes the company is being conservative with guidance for the mobile end market but it has the opportunities available to grow at least in-line with its end markets. Burton maintained his Buy rating on Silicon Motion shares.

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