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MU

Micron

$61.07

-0.08 (-0.13%)

, AVGO

Broadcom

$246.00

3.64 (1.50%)

13:03
03/22/18
03/22
13:03
03/22/18
13:03

On The Fly: What to watch for in Micron's earnings report

Micron (MU) is scheduled to report results of its fiscal second quarter after the market close on March 22, with a conference call scheduled for 4:30 pm ET. What to watch for: 1. GUIDANCE HIKE: On February 5, Micron raised its Q2 earnings per share view to $2.70-$2.75 from $2.51-$2.65 and raised its revenue guidance to $7.2B-$7.35B from $6.8B-$7.2B. A the time, analysts expected the company to report Q2 EPS of $2.57 on revenue of $7.02B, but those figures have since risen to $2.74 from $7.28B. The same day, Micron said it appointed David Zinsner as its senior vice president and chief financial officer, succeeding a retiring Erie Maddock. 2. NOMURA, EVERCORE BOOST PRICE TARGETS: On March 12, two analysts raised their price targets on Micron, citing memory market changes and potential capital returns. Nomura Instinet analyst Romit Shah raised his price target on the shares to $100 from $55, saying that the shares were in the "early stages of another major breakout" after consolidating over the previous four months. Shah added that he saw key catalysts for Micron, including a resumption of an upward trend in dynamic random-access memory pricing in the second quarter, a first-time dividend and share buyback announcement in May, continued margin expansion in NAND and increased merger and acquisition discussions. The same day, Evercore ISI analyst C.J. Muse raised his price target on Micron to $80 from $60, saying he believes the memory market is "absolutely" different now with the DRAM industry consolidated to three players, all of whom are acting rational, and memory has become increasingly critical while the rising complexity has limited the magnitude of new supply. 3. KEYBANC NOTE: Following President Trump's order to block Broadcom's (AVGO) proposed acquisition of Qualcomm (QCOM), KeyBanc analyst John Vinh said in a note to investors that he expects Broadcom to remain acquisitive and thinks Micron could be another potential target, citing a lack of security concerns and Broadcom's previous attempts to bid for Toshiba (TOSBF, TOSYY). 4. PC SHIPMENTS: Global shipments of traditional PCs totaled 70.6M units in the fourth quarter of 2017, recording slightly positive year-on-yera growth, the International Data Corporation said in January. The results outperformed the forecast of a 1.7% decline in shipments during the quarter, IDC noted. Micron makes components for PCs.

MU

Micron

$61.07

-0.08 (-0.13%)

AVGO

Broadcom

$246.00

3.64 (1.50%)

QCOM

Qualcomm

$56.81

-1.45 (-2.49%)

TOSBF

Toshiba, also use TOSYY

$3.03

-0.04 (-1.30%)

TOSYY

Toshiba, also use TOSBF

$18.33

-0.025 (-0.14%)

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MU Micron
$61.07

-0.08 (-0.13%)

03/19/18
MSCO
03/19/18
NO CHANGE
Target $54
MSCO
Overweight
Micron's positive trends are 'increasingly discounted', says Morgan Stanley
Morgan Stanley analyst Joseph Moore previews Micron's next quarterly earnings, saying that while he still expects a strong quarter and outlook, the secular bullish arguments may be turning "too optimistic". The analyst says there is little evidence of "very strong" near term DRAM demand while the perception of the company's insulation from oversupply on price may also be overextended. Moore keeps his Overweight rating and $54 price target on Micron, adding that with the stock price now heading above $60 per share, there needs to be more evidence of cloud demand strength persisting through year end.
03/19/18
SUSQ
03/19/18
NO CHANGE
Target $80
SUSQ
Positive
Micron price target raised to $80 from $60 at Susquehanna
Susquehanna analyst Mehdi Hosseini raised his price target for Micron Technology to $80 ahead of the company's earnings report on Thursday, March 22. The stock in midday trading is down $1.53 to $59.05. The analyst expects Micron's "cost leadership" and "product diversification" to dominate earnings. He views the company as the cost leader in NAND and believes management can use the 50% share rally in the past six weeks for acquisitions. Micron needs acquisitions to "beef-up its portfolio of IP/System know-how," Hosseini tells investors in a research note. The analyst keeps a Positive rating on the shares.
03/20/18
FBCO
03/20/18
NO CHANGE
Target $70
FBCO
Outperform
Micron price target raised to $70 from $60 at Credit Suisse
Credit Suisse analyst John Pitzer raised his price target for Micron to $70 from $60 ahead of quarterly results. The analyst reiterates an Outperform rating on the shares.
03/21/18
BMOC
03/21/18
NO CHANGE
Target $63
BMOC
Market Perform
Micron price target raised to $63 from $43 at BMO Capital
BMO Capital analyst Ambrish Srivastava raised his price target on Micron to $63 ahead of the company's earnings this week. The analyst notes that consensus estimates likely do not reflect the ongoing strength in DRAM demand and pricing environment. Srivastava keeps his Market Perform rating on Micron, adding that the company operates in a "deeply cyclical" industry, and the current memory cycle is in its "later innings".
AVGO Broadcom
$246.00

3.64 (1.50%)

03/19/18
MSCO
03/19/18
INITIATION
Target $305
MSCO
Overweight
Broadcom resumed with an Overweight at Morgan Stanley
Morgan Stanley analyst Craig Hettenbach resumed coverage on Broadcom with an Overweight and $305 price target saying it offers "hands down the best" risk/reward under coverage given margin expansion, industry leading profitability, and a new share repurchase.
03/19/18
JPMS
03/19/18
NO CHANGE
Target $340
JPMS
Overweight
Broadcom shipping volumes of Google's TPU2 AI chipset, says JPMorgan
JPMorgan analyst Harlan Sur believes Broadcom (AVGO) has started shipping production volumes of Google's (GOOG, GOOGL) TPU2 AI chipset to Google's datacenters and that 2018 will be the year that artificial intelligence starts to become a bigger part of Broadcom's wired business. He estimates the company's Application-specific Integrated Circuits revenue in the artificial intelligence/deep learning segment, with customers that include Google, Fujitsu and Intel (INTC), can reach $1B-$2B by 2020, from less than $100M today. The ASIC opportunity "represents another growth/diversification vector for Broadcom," Sur tells investors in a research note. He reiterates an Overweight rating on the shares with a $340 price target.
03/16/18
WELS
03/16/18
INITIATION
Target $260
WELS
Market Perform
Broadcom resumed with a Market Perform at Wells Fargo
Wells Fargo analyst David Wong resumed coverage of Broadcom with a Market Perform rating and $260 price target. The possibility that Broadcom will find it increasingly difficult to make large acquisitions and that dollar content increases in smartphones might slow creates some concerns for the stock, Wong tells investors in a research note.
03/20/18
NOMU
03/20/18
NO CHANGE
Target $300
NOMU
Buy
Broadcom price target lowered to $300 from $330 at Nomura Instinet
Nomura Instinet analyst Romit Shah lowered his price target for Broadcom (AVGO) to $300 citing disappoint in the company being unsuccessful in its attempt to acquire Qualcomm (QCOM). Acquisitions have been a key driver of growth, Shah tells investors in a research note. The analyst, however, believes Broadcom shares offer a good risk/reward and he keeps a Buy rating on the name.
QCOM Qualcomm
$56.81

-1.45 (-2.49%)

03/20/18
BOFA
03/20/18
NO CHANGE
Target $75
BOFA
Buy
Qualcomm added to US 1 List at BofA/Merrill
BofA/Merrill analyst Tal Liani added Qualcomm (QCOM) to the US 1 List to reflect potential catalysts from NXP Semiconductors (NXPI) acquisition approval and accretion, Huawei/Apple licensing renegotiations, further cost cuts, and additional management/board changes. Liani views Qualcomm's valuation as attractive and rates shares a Buy with a $75 price target.
03/19/18
MSCO
03/19/18
INITIATION
Target $55
MSCO
Underweight
Qualcomm resumed with an Underweight at Morgan Stanley
Morgan Stanley analyst James Faucette resumed coverage on Qualcomm (QCOM) with an Underweight and $55 price target telling investors organic growth opportunities are "severely capped," and investment pressures are increased as the US government blocks the acquisition by Braodcom (BRCM), creating competitive incentives elsewhere. Faucette said those factors in addition to licensing challenges, and a sizeable debt load create a low likelihood Qualcomm can go private and will keep shares as a relative underperformer.
03/16/18
WELS
03/16/18
INITIATION
Target $65
WELS
Market Perform
Qualcomm resumed with a Market Perform at Wells Fargo
Wells Fargo analyst David Wong resumed coverage of Qualcomm with a Market Perform rating and $65 price target. The analyst sees risks to Qualcomm shares from slowing growth in the smartphone end market and the possibility that the company might fail to achieve a positive resolution to the current licensing disputes or that new disputes might arise with other licensing customers.
TOSBF Toshiba, also use TOSYY
$3.03

-0.04 (-1.30%)

01/05/18
FBCO
01/05/18
NO CHANGE
Target $42
FBCO
Outperform
Brookfield Business Partners price target raised to $42 from $34 at Credit Suisse
Credit Suisse analyst Nick Stogdill noted that Brookfield Business Partners (BBU) and its institutional partners will acquire 100% of Westinghouse Electric from Toshiba (TOSBF) for $4.6B, which he views as positive news from both a strategic and financial perspective. The analyst, who increased his 2018 EPS estimate 11% to $3.15 to reflect the deal, keeps an Outperform rating on Brookfield Business Partners and raised his price target on the stock to $42.
01/09/18
RBCM
01/09/18
NO CHANGE
Target $48
RBCM
Sector Perform
Seagate price target raised to $48 from $43 at RBC Capital
RBC Capital analyst Amit Daryanani raised his price target on Seagate (STX) to $48 after the company's positive December-quarter pre-announcement and its long-term NAND supply agreement with Toshiba (TOSBF). Daryanani says the discussion around EB shipments and capacity-per-drive metrics suggests that the company is gaining share in the 10TB market. The analyst keeps his Sector Perform rating on Seagate, noting he is "cognizant" of the company's near-term tailwinds.
02/20/18
RBCM
02/20/18
NO CHANGE
Target $115
RBCM
Outperform
Western Digital may be an LBO candidate, says RBC Capital
RBC Capital analyst Amit Daryanani contends that Western Digital (WDC) could be an attractive LBO candidate, considering that the stock has languished at an "attractive valuation" since the Toshiba (TOSBF) resolution on misplaced NAND cycle concerns. The analyst also notes that the likelihood of an LBO is high because of several private equity firms' involvement in the Toshiba asset sale. Daryanani keeps his Outperform rating with a $115 price target, adding that a "sizable potential EPS upside and room for multiple expansion remain" for the stock.
03/13/18
KEYB
03/13/18
NO CHANGE
KEYB
Broadcom could look at Micron next with Qualcomm blocked, says KeyBanc
President Trump's order to block Broadcom's (AVGO) proposed takeover of Qualcomm (QCOM) also likely blocks the possibility of the company trying to acquire any other player with any military/defense exposure, such as Xilinx (XLNX), KeyBanc analyst John Vinh tells investors. However, he expects Broadcom to remain acquisitive and thinks Micron (MU) could be another potential target, citing a lack of security concerns and Broadcom's previous attempts to bid for Toshiba (TOSBF), he noted. Vinh reiterates his Overweight rating and $320 price target on Broadcom, adding that he sees the executive order as a "slight positive," since it removes a near-term distraction and overhang.
TOSYY Toshiba, also use TOSBF
$18.33

-0.025 (-0.14%)

12/13/17
DBAB
12/13/17
UPGRADE
DBAB
Buy
Toshiba upgraded to Buy from Hold at Deutsche Bank

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