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MU

Micron

$42.19

1.78 (4.40%)

11:00
02/13/18
02/13
11:00
02/13/18
11:00

Micron attracts call buying as shares tick higher

Micron attracts call buying as shares tick higher. The stock up 25c to $42.44 after Digitimes reported that DRAM prices are likely to increase by 30% in 2018. One player buys 30K Mar 47 calls on Micron for $1.93 verses selling 1.05M shares. The option action opens a block struck 10.7% above spot and misses earnings on 3/22. But Micron is due to present at a Goldman Sachs Technology and Internet Conference 2018 on 2/15 and a Morgan Stanley Technology, Media and Telecom Conference 2018 on 2/27.

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MU Micron
$42.19

1.78 (4.40%)

02/06/18
02/06/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Radware (RDWR) downgraded to In-Line from Outperform at Imperial Capital by analyst Michael Kim, who reduced his estimates to reflect elevated uncertainty in the timing and magnitude of purchase orders, particularly from Tier 1 carriers. He sees limited downside from current share levels, however. 2. Micron (MU) downgraded to Hold from Buy at Summit Insights. Micron was upgraded to Strong Buy at Needham and to Overweight from Sector Weight at KeyBanc. 3. Exxon Mobil (XOM) downgraded to Underweight from Overweight at Barclays by analyst Paul Cheng, who recommended investors shift from Exxon Mobil to Chevron (CVX), a stock he upgraded this morning to Overweight. Exxon may not be able to maintain its historical valuation premium, Cheng tells investors in a research note. He thinks the company's valuation still reflects "rich historical norms," while the upstream's underlying fundamentals "appear to have suffered a structural deterioration." 4. Cirrus Logic (CRUS) downgraded to Hold from Buy Needham. 5. Catalent (CTLT) downgraded to Equal Weight from Overweight at Stephens by analyst Drew Jones, who believes there to be some conservatism in its guidance. However, he sees the potential for outperformance as less significant than in the past. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/06/18
02/06/18
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. Barclays analyst Paul Cheng upgraded Chevron (CVX) to Overweight from Equal Weight and raised his price target for the shares to $135 from $130. The analyst recommends investors shift to Chevron from Exxon Mobil (XOM), a stock he double downgraded this morning to Underweight. Chevron's fundamentals are improving at a faster pace than many of the other mega majors, Cheng said. 2. Micron (MU) upgraded to Overweight from Sector Weight at KeyBanc by analyst Weston Twigg. Following the company's positive preannouncement amid "strong" DRAM pricing, the valuation and long-term trends "are too compelling to ignore," Twigg said. Micron was also upgraded to Strong Buy from Buy at Needham. 3. Skyworks (SWKS) upgraded to Outperform from Market Perform at BMO Capital by analyst Ambrish Srivastava, who cited the company's "ability to sustain a higher level of free cash flows to sales ratio than in the past and its commitment to higher capital allocation." Skyworks was also upgraded to Buy from Hold at Summit Insights. 4. HSBC (HSBC) upgraded to Hold from Sell at Santander. 5. RBS (RBS) upgraded to Neutral from Underperform at BofA/Merrill by analyst Michael Helsby, who said the rise in rates has led to a steeper yield curve in the U.K. which should result in higher earnings. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/06/18
NEED
02/06/18
UPGRADE
Target $76
NEED
Strong Buy
Micron upgraded to Strong Buy at Needham after Q2 guidance
As reported earlier, Needham analyst Rajvindra S. Gill upgraded Micron to Strong Buy from Buy with a $76 price target, citing the company's increased Q2 revenue guidance and CFO transition. Gill says he remains positive on the memory cycle, with room to expand NAND gross margins "despite a declining price environment". The analyst adds that the excess NAND supply in the market will be absorbed by demand for client and data center SSDs.
02/06/18
STFL
02/06/18
NO CHANGE
Target $85
STFL
Buy
Micron pre-announcement more evidence of industry changes, says Stifel
Stifel analyst said David Zinsner, Micron's (MU) incoming CFO, is "fully qualified" for the role given his past experience as CFO of Intersil (ISIL) and Analog Devices (ADI). He also views Micron's positive pre-announcement as further evidence that consolidation, new management strategies and diverse end markets/applications have changed the memory industry and will dampen its "notorious cycles." Zinsner keeps a Buy rating on Micron and raised his price target on the stock to $85 from $75 following the quarterly pre-announcement.

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