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MU

Micron

$49.84

-3.55 (-6.65%)

14:50
04/06/18
04/06
14:50
04/06/18
14:50

Hefty spread in Micron as a bullish play is extended

Hefty spread in Micron as a bullish play is extended. The stock off $1.27 to $48.57 and 30K Apr 40 - Jul 43 call spreads trade at 15c. The Jul 43s open (9.15) and the Apr 40s likely cover, at $9.30 today, a matching block opened for $5.50 on 12/26/17. The activity was rolling out of Jan 40 calls with shares near $42 at the time. The investor is now covering the Apr 40s to monetize $11.4M in profits after a 14.3% move higher in the underlying, while rolling to Jul 43s expresses confidence that the advance can continue through earnings in late-June.

  • 21

    May

  • 30

    May

MU Micron
$49.84

-3.55 (-6.65%)

04/06/18
NOMU
04/06/18
NO CHANGE
Target $100
NOMU
Buy
Nomura keeps $100 target on Micron after positive management meetings
After spending two days meeting investors with Micron Technology's new CFO David Zinsner and Head of Investor Relations Shanye Hudson, Nomura Instinet analyst Romit Shah maintains a Buy rating on the shares with a $100 price target. The stock closed yesterday down $3.55 to $49.84 after UBS initiated the shares with a Sell rating. Shah says he left the meetings with "several positive takeaways." The analyst does not anticipate a "massive step-up" in capital expenditures next fiscal year. Further, management did not seem concerned that NAND selling price declines in the February period would persist, Shah tells investors in a research note. He adds that Micron continues to expect DRAM suppliers to be rational about capacity expansion in an effort to sustain high margins and cash flow.
04/05/18
04/05/18
NO CHANGE

UBS starts Semiconductors coverage, says sell Micron, Texas Instruments
UBS analyst Timothy Arcuri started coverage on the U.S. Semiconductors and Semi Equipment sector, expressing the view that consolidation and a slowdown in Moore's Law should actually lead to pricing power and inflationary effects that are still in the early innings. However, he also believes semis are still cyclical and sees some signs of caution moving into later 2018 and 2019. Arcuri, who is cautious on the memory cycle in the near-term, started Micron (MU) with a Sell rating and $35 price target, citing those cyclical memory concerns. He also has one other Sell rating among his 14 recommendations, on Texas Instruments (TXN), citing its fading leverage, a more level playing field for capital return and his cyclical concerns. Among the 14 stocks he initiated, Arcuri has 4 Buy ratings - Intel (INTC), given his above consensus call for datacenter group growth and what he sees as a mispricing of long-term growth potential; Marvell (MRVL) and Broadcom (AVGO), which he views as transformation stories; and KLA-Tencor (KLAC), on its migration to industrial tech and exposure to AI-related compute growth.
04/04/18
UBSW
04/04/18
INITIATION
Target $35
UBSW
Sell
Micron initiated with a Sell at UBS
UBS analyst Timothy Arcuri started Micron Technology with a Sell rating and $35 price target.
03/26/18
BERN
03/26/18
NO CHANGE
Target $60
BERN
Market Perform
Micron price target raised to $60 from $48 at Bernstein
Bernstein analyst Mark Newman raised his price target for Micron to $60 from $48, citing another record profit. However, the analyst reiterates a Market Perform rating on the shares on concerning capacity increases and NAND price weakness.

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