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MU

Micron

$41.98

1.02 (2.49%)

08:28
10/11/17
10/11
08:28
10/11/17
08:28

Micron unlocking value in 'unconventional way,' says Nomura Instinet

Nomura Instinet analyst Romit Shah believes Micron's $1B secondary offering is management is being "financially shrewd and unlocking shareholder value in an unconventional way." Micron is using its stock currency following the appreciation over the past year to deleverage its balance sheet, Shah tells investors in a research note titled "Deleveraging While the Getting Is Good." The move should accelerate the company's target of achieving an interim debt target of $8B-9B in fiscal year of 2018, versus $11.1B currently, the analyst adds. He believes the dilution will be minimal at around 15c. Shah keeps a Buy rating on Micron with a $45 price target.

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MU Micron
$41.98

1.02 (2.49%)

10/11/17
FBCO
10/11/17
NO CHANGE
Target $50
FBCO
Outperform
Micron stock offering accomplishes objectives, says Credit Suisse
Credit Suisse analyst John Pitzer notes that Micron announced a $1B common stock offering to redeem $438M of 7.5% 2023 Senior Notes and to pay down an additional $562M of debt opportunistically over time. While the analyst believes skeptics will use the offering to question management's own confidence in the sustainability of the business, he would argue the offering accomplishes three objectives, namely accelerated debt reduction, increases flexibility of onshore cash, and achieves both objectives with minimal to no dilution. Pitzer reiterates an Outperform rating and $50 price target.
10/11/17
STFL
10/11/17
NO CHANGE
Target $64
STFL
Buy
Micron management 'prudent' to cut debt and build on-shore cash, says Stifel
Stifel analyst Kevin Cassidy noted that "many investors may be suspect" of the timing of Micron's $1B common stock offering, but he views this as a "prudent" action by management to reduce convertible debt and build on-shore cash. The analyst, who sees the offering accelerating the company's plan to be net cash positive at the end of FY18, keeps a Buy rating and $64 price target on Micron shares.
10/11/17
WELS
10/11/17
NO CHANGE
Target $45
WELS
Outperform
Micron 'strong' cash generation creates value in stock, says Wells Fargo
Wells Fargo analyst David Wong notes that Micron announced a $1B offering of common shares. The analyst believes the company's "strong" cash generation from operations and its actions to further strengthen its balance sheet are creating value in the stock. The analyst reiterates an Outperform rating and $45 price target on the shares.
10/11/17
MACQ
10/11/17
NO CHANGE
Target $42
MACQ
Outperform
Micron $1B stock offering does not change positive thesis, says Macquarie
Macquarie analyst Srini Pajjuri said Micron's $1B stock offering does not change his positive thesis on the stock. The company continues to expects the balance sheet to turn net cash positive in FY18 even with the offering and helps accelerate deleveraging and provides flexibility, the analyst wrote in a note to investors. Pajjuri believes the stronger balance sheet is key to improving Micron's competitive position longer-term and continues to believe the DRAM cycle has further upside. The analyst views any pullback in Micron shares as a buying opportunity and reiterates his Outperform rating and $42 price target on shares.

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$208.66

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