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MU

Micron

$51.97

-0.38 (-0.73%)

13:19
08/29/18
08/29
13:19
08/29/18
13:19

Micron plans to invest $3B in Manassas, Virginia manufacturing plant by 2030

Micron Technology announced plans to invest $3B by 2030 to increase memory production at its plant in Manassas, Virginia, creating 1,100 new jobs roughly over the next decade. These investments are contemplated in Micron's long-term model to invest capital expenditure in the low thirties as a percent of revenue. The expansion will position the Manassas site to support Micron's leadership in the rapidly growing market for high quality, high reliability memory products. The initial clean room expansion is expected to be completed in the fall of 2019 with production ramp in the first half of 2020. This expansion will add less than 5% to Micron's global clean room space footprint and will primarily support enablement of DRAM and NAND technology transitions as well as modest capacity increase at the site, in-line with growing customer demand for Micron's long-lifecycle products. As part of this expansion, Micron will also establish a global research development center in Manassas for the development of memory and storage solutions focused mainly on the automotive, industrial and networking markets. The research and development center will include laboratories, test equipment and a staff of approximately 100 engineers. The Virginia Economic Development Partnership worked with the City of Manassas and the General Assembly's Major Employment and Investment Project Approval Commission to secure the project for Virginia. Micron will be eligible to receive an MEI custom performance grant of $70M for site preparation and facility costs, subject to approval by the Virginia General Assembly. Additionally, the City of Manassas and utility partners are providing a broader, comprehensive support package to enable the expansion, including substantial infrastructure upgrades and additional incentives.

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MU Micron
$51.97

-0.38 (-0.73%)

08/16/18
MACQ
08/16/18
NO CHANGE
Target $80
MACQ
Outperform
Micron 'pullback an excellent opportunity,' says Macquarie
Macquarie analyst Srini Pajjuri said Micron has underperformed the SOX index over the past month due to concerns regarding potential DRAM ASP declines. Pajjuri expects declines to be gradual and is modeling mid-single digit decline per quarter over the next 12 months, but would not be surprised if pricing proves to be more resilient as he thinks 2019 industry supply expectat6ions have downside risk. The analyst said shares reflect greater than30% ASP declines and notes DRAM supply is not outpacing demand. Pajjuri views the pullback in Micron as "an excellent opportunity" and reiterates his Outperform rating and $80 price target.
08/15/18
MACQ
08/15/18
NO CHANGE
MACQ
Micron weakness a buying opportunity, says Macquarie
08/15/18
WELS
08/15/18
NO CHANGE
Target $63
WELS
Outperform
Micron price target lowered to $63 from $70 at Wells Fargo
Wells Fargo analyst Aaron Rakers lowered his price target for Micron to $63 from $70, while reiterating an Outperform rating on the shares. The analyst believes cycle uncertainties remain, but sees valuation as attractive.
08/09/18
MSCO
08/09/18
NO CHANGE
MSCO
Morgan Stanley downgrades semiconductor industry view to Cautious
Morgan Stanley analyst Joseph Moore said he has become less constructive on semiconductor stocks through the year and he now believes elevated inventory levels and stretched lead times leave "no margin for error." Given his view that any lead time adjustment or demand slowdown could drive a "meaningful correction," Moore has downgraded his semiconductor industry view to Cautious from In-Line. He favors connector companies, like Amphenol (APH) and TE Connectivity (TEL) over analog/MCU at this point in the cycle, due to lower risk around lead time issues, Moore said. He also has a "strong preference" for high margin and more defensive models, such as Analog Devices (ADI) over lower margin and commodity exposed ones, like Cypress Semiconductor (CY) and ON Semiconductor (ON), he said. Despite his more cautious view on the space, Moore keeps Overweight ratings on Nvidia (NVDA), Xilinx (XLNX) and Ambarella (AMBA), citing his view that they should benefit from secular growth in the area of AI, data center, and autonomous. Other semiconductor names include Microchip (MCHP), Qorvo (QRVO), Micron (MU), Intel (INTC), Broadcom (AVGO) and Qualcomm (QCOM).

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SCHW

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MMNFF

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FCCY

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QUMU

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