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MU

Micron

$41.98

1.02 (2.49%)

06:38
10/11/17
10/11
06:38
10/11/17
06:38

Micron stock sale to pay down high yield debt, says Citi

Citi analyst Christopher Danely notes Micron Technology yesterday announced it is raising roughly $1B in onshore cash via an offering of common shares with proceeds used to accelerate its debt repayment plan. The analyst says the increased share count could be up to 1%, or 10c, dilutive to his 2018 earnings per share estimate of $7.08, but adds that retiring or paying exercised with cash could render the offering non-dilutive. Danely continues to believe there is upside to Q4 guidance on sustained strong DRAM pricing and reiterates a Buy rating on Micron with a $45 price target.

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MU Micron
$41.98

1.02 (2.49%)

09/27/17
BARD
09/27/17
NO CHANGE
Target $52
BARD
Outperform
Micron gross margins level makes for compelling valuation, says Baird
Baird analyst Tristan Gerra said he believes in the sustainability of the supply/demand trends for Micron following its Q4 results. The continued mix improvement in NAND and easy comps, above average 3D yields, and corporate initiatives support a scenario for stable or expanding gross margins over the next several quarters, he believes. Gerra reiterated his Outperform rating and raised his price target to $52 from $48 on Micron shares.
09/27/17
GSCO
09/27/17
NO CHANGE
Target $43
GSCO
Buy
Micron stock 'looks cheap,' says Goldman Sachs
Goldman analyst Mark Delaney said Micron's stock "looks cheap" and expects FY18 consensus earnings estimates to move higher given Q1 2018 guidance that was well above consensus combined with comments regarding 2018. The analyst raised FY18/FY19 earnings estimates, including SBC, to $8.42/$5.87 from $7.60/$5.30 and increased Micron's price target to $43 from $40. Delaney reiterated his Buy rating on Micron shares.
10/02/17
BMOC
10/02/17
INITIATION
BMOC
Market Perform
Micron initiated with a Market Perform at BMO Capital
BMO Capital started coverage of Micron with a $43 price target and a Market Perform rating. Analyst Ambrish Srivastava says that flash memory "is in the later innings" of its cycle, making him reluctant to recommend Micron's stock. The analyst says that the company has positive catalysts "over the next quarter or two," but he is more cautious about the stock's outlook in 2H18.
10/02/17
10/02/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Micron (MU) initiated with a Market Perform at BMO Capital. 2. Virtu Financial (VIRT) initiated with an In Line at Evercore ISI. 3. Viper Energy (VNOM) initiated with a Neutral at UBS. 4. Trade Desk (TTD) and Criteo (CRTO) were initiated with an Outperform at JMP Securities. 5. Myomo (MYO) initiated with a Buy at H.C. Wainwright. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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