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MU

Micron

$54.31

1.07 (2.01%)

07:49
07/10/18
07/10
07:49
07/10/18
07:49

Higher server DRAM outlook positive for Micron, says JPMorgan

JPMorgan analyst Harlan Sur says his firm raised its server DRAM outlook by 5%-6% in 2018 and 2019, which he views as positive for Micron Technology (MU). In 2018, server/cloud DRAM will overtake the PC segment to become the second largest end-market for DRAM behind mobile, Sur tells investors in a research note. This bodes well for Micron as server/cloud DRAM is the company's largest DRAM segment and profitability is higher, Sur tells investors in a research note. The analyst also believes cloud networking is driving higher levels of memory content and new cloud applications. Sur reiterates an Overweight rating on Micron with an $84 price target.

  • 10

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MU Micron
$54.31

1.07 (2.01%)

07/05/18
BOFA
07/05/18
NO CHANGE
BOFA
Micron China risk should be manageable, says BofA/Merrill
BofA/Merrill naalyst Simon Woo believes the China's preliminary injunction preventing Micron (MU) from selling 26 NAND/DRAM products in China should be manageable. Woo said China OEMs and Internet/eCommerce companies need memory chips to run their local and global businesses, and domestic branded memory chip production has not been successful despite years of effort. Chinese firms could try to get chips from Nanya, Samsung, SK Hynix, and Toshiba, but production capacity is tight for both DRAM and NAND, the analyst wrote. Woo said Micron could easily relocate shipments outside of China and will likely also consider indirect exports to spot traders that rebrand Micron's raw chips. The analyst rates Micron a Buy with a $100 price target.
07/05/18
MSCO
07/05/18
NO CHANGE
MSCO
Equal Weight
Morgan Stanley says ruling should be largely immaterial to Micron in near-term
After Taiwanese foundry UMC (UMC) said that a Chinese court had issued a preliminary injunction barring Micron (MU) from selling 26 DRAM and NAND products in China, Morgan Stanley analyst Joseph Moore noted that a UMC filing with the SEC shows that the 26 products impacted are basically branded memory modules and solid state drives from Micron's consumer brand, "Crucial." His "best estimate" is that Crucial products would be low single digit exposure for Micron, and 26 products would be a small minority of that. The fact that UMC's initial suit requested $42M in damages, as compared to Micron's $32B revenue run rate, supports Moore's view of this ruling having a fairly minimal impact to Micron's near-term fundamentals, he tells investors. Moore maintains his Equal Weight rating on Micron, as he sees DRAM prices plateauing in Q3 and predicts NAND prices will continue to fall.
07/05/18
RBCM
07/05/18
NO CHANGE
Target $83
RBCM
Outperform
Injunction by China court on Micron products likely immaterial, says RBC Capital
RBC Capital analyst Amit Daryanani kept his Outperform rating and $83 price target on Micron (MU), saying the ruling by a local Chinese court in a patent case favoring (UMC) and banning the company from selling 26 products is likely to be "immaterial". The analyst notes that Micron is yet to receive the injunction documents, but states that the DRAM market remains in a supply-constrained environment. If anything, Daryanani contends that the injunction will keep DRAM prices elevated on a global level, particularly given the risks of the ruling skewing supply/demand going into the seasonally strong September quarter.
07/09/18
FBCO
07/09/18
NO CHANGE
Target $90
FBCO
Outperform
Micron ruling suggests China self-constraint, says Credit Suisse
Credit Suisse analyst John Pitzer notes Micron (MU) confirmed that the Fuzhou Intermediate People's Court of Fujian Province, China notified two Chinese subsidiaries of Micron that it has granted a preliminary injunction against those entities in patent infringement cases filled by UMC (UMC) and Jinhua. While an unfavorable near-term event, the analyst notes that he considered this as a real potential given a history of and speedy somewhat biased rulings. Additionally, Pitzer says it removes headlines risk that has weighed on the stock, and continues to believe that the UMC/Jinhua claims are without merit. Further, the almost "meaningless" slap on the wrist by the China courts suggest that current U.S./China trade disputes are constraining the China Courts for fear of escalation, he contends. Pitzer reiterates an Outperform rating and $90 price target on Micron's shares.

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