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MU

Micron

$43.58

-0.73 (-1.65%)

07:35
09/18/18
09/18
07:35
09/18/18
07:35

Micron price target lowered to $62 from $72 at Cowen

Cowen analyst Karl Ackerman lowered his price target on Micron to $62 from $72 on expectations the company will guide lower for the first time in eight quarters, but he believes that could already be priced into the shares. The analyst noted investor sentiment is "dreadful" heading into results and he sees incremental risk in the second half of the year. Ackerman maintained his Outperform rating on Micron shares.

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    Sep

  • 20

    Sep

MU Micron
$43.58

-0.73 (-1.65%)

09/12/18
09/12/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. GOLDMAN CUTS MICRON TO NEUTRAL: Goldman Sachs analyst Mark Delaney downgraded Micron Technology (MU) to Neutral from Buy and lowered his price target for the shares to $50 from $68. The analyst, who is not making a call on the upcoming fiscal Q4 results on September 20, sees weaker fundamentals for DRAM and NAND in calendar Q4 and the first half of 2019. Delaney expects Micron's gross margin to decline sequentially from Q4 of 2018 through mid-2019, and he notes that the stock is historically well correlated with the company's gross margin. His view of margin declines is due to lower memory average selling prices, both from more "challenging" DRAM conditions and also NAND oversupply. Micron is down 5.8% in late morning trading. GOLDMAN CUTS LAM RESEARCH TO NEUTRAL: Goldman Sachs analyst Toshiya Hari downgraded Lam Research (LRCX) to Neutral and lowered his price target for the shares to $180 from $224. The analyst also lowered his coverage view on the Semiconductor Capital Equipment space to Neutral from Attractive. Hari reduced his 2018/2019 memory capex expectations following "early signs of excess supply" in DRAM combined with further weakness in NAND pricing. STIFEL CUTS NXP SEMI, OTHER SEMI COS: Stifel analyst Tore Svanberg downgraded NXP Semiconductors (NXPI) to Sell from Hold, arguing that multiple recent industry data points seem to suggest the analog and mixed-signal semiconductor markets are peaking. He is particularly concerned, given the peaking industry condition, that rising interest rates raise the risk for debt-heavy firms, he added. Svanberg cut his price target on NXP shares to $84 from $99. Svanberg also downgraded Macom (MTSI) to Sell, and Power Integrations (POWI) and Maxim Integrated (MXIM) to Hold. ANALYSTS NEGATIVE ON SNAP: BTIG analyst Richard Greenfield downgraded Snap (SNAP) to Sell from Neutral with a price target of $5, saying his previous assumption that "communications apps were sticky and would protect engagement" was incorrect. The analyst notes that while he waited for "management to figure out monetization", the stock has lost over half of its value. Greenfield believes that the pain is likely not over, stating that he is now "tired" of the company's excuses for missing numbers and adding that the anticipated product innovation ability of CEO Spiegel has been disappointing. Additionally, Citi analyst Mark May lowered his price target for Snap to $8 after removing his takeover premium assumption. The analyst had assumed a 50% probability of a takeout at a 35% premium to his fundamental value of $8 per share. However, he now sees less likelihood of a near-term takeover due to Snap's recent operational challenges. The analyst kept a Sell rating on the shares.
09/13/18
MKMP
09/13/18
NO CHANGE
Target $63
MKMP
Buy
Micron price target lowered to $63 from $77 at MKM Partners
MKM Partners analyst Ruben Roy lowered his price target on Micron to $63 ahead of its earnings next week, citing limited growth expectations related to "complexities" around DRAM memory scaling over the next "few years". Roy adds that NAND memory is also challenging, with lower costs of a ramp in 64L production likely offset by the average selling price declines. The analyst keeps his Buy rating however, noting that investors are likely pricing in a "more challenging supply environment" and maintaining a "bullish" view on the longer-term secular changes in the memory industry.
09/14/18
WELS
09/14/18
NO CHANGE
Target $63
WELS
Outperform
Wells Fargo recommends buying Micron, sees positive long-term trends
Ahead of Micron Technology's fiscal Q4 earnings release on September 20, Wells Fargo analyst Aaron Rakers maintains his below-consensus estimates for the company. While near-term trends in DRAM and NAND have weakened, this "overshadows a positive long-term secular trend," Rakers told investors last night in a pre-earnings research note. The analyst believes the "capex intensity and complexity" associated with next generation memory technology transitions, coupled with expanding end market demand, will ultimately result in a "more rational supply/demand environment." As such, Rakers recommends buying shares of Micron at current levels. He points out the shares trade at a 4.3 times price-to-earnings ratio and 2.5 times enterprise value-to-EBITDA on his 2019 estimates. Further, Micron will likely maintain its $10B share repurchase authorization commencing in the current quarter, Rakers contends. He keeps an Outperform rating on Micron with a $63 price target. The stock in early trading is up 11c to $43.73
09/17/18
DBAB
09/17/18
NO CHANGE
Target $60
DBAB
Buy
Deutsche still sees 35% upside in Micron after cutting price target to $60
Deutsche Bank analyst Sidney Ho lowered his price target for Micron Technology to $60 from $80 ahead of the company's fiscal Q4 results but keeps a Buy rating on the shares. The analyst reduced his estimates for the out-quarters to reflect the recent deterioration of NAND and DRAM pricing. Ho dropped his fiscal Q1 earnings estimate by 9% and fiscal 2019 estimate by 20%. It appears we have passed the peak of the current memory cycle, Ho tells investors in a research note. While the analyst expects Micron's share price "to be choppy in the near term," he also sees "rational capital spending" by other memory suppliers leading to quicker stabilization of the market than previous cycles. He views Micron's risk/reward as attractive with the stock 35% below his new price target.

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