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MU

Micron

$45.74

2.16 (4.96%)

12:09
09/18/18
09/18
12:09
09/18/18
12:09

Technical Take: Micron at highs of session on buyback speculation

RBC Capital issued a note earlier today that maintained its rating and price target, but suggested that there could be a share buyback program forthcoming. The stock is one of the better-performers, last up over 5% to $45.80, just shy of the high of the day. At that price next resistance is at $46.70. Support is at the $45 area.

  • 20

    Sep

  • 20

    Sep

MU Micron
$45.74

2.16 (4.96%)

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.
09/18/18
COWN
09/18/18
NO CHANGE
Target $62
COWN
Outperform
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.
09/18/18
RBCM
09/18/18
NO CHANGE
Target $70
RBCM
Outperform
Micron may initiate buyback program, says RBC Capital
RBC Capital analyst Amit Daryanani kept his Outperform rating and $70 price target on Micron ahead of its Q4 earnings this week, saying the company should report "slightly above" the midpoint of its prior guidance. The analyst also expects investors to focus on Micron's outlook for memory pricing in Q1, which he estimates to be down 11%-12% in NAND ASPs and low-to-mid single digit in DRAM ASPs. Daryanani adds that an update on the cost scale-down reflecting the lower price expectations could also be key toward sustaining Micron's gross margins. The analyst further expects Micron to initiate a potentially "aggressive" buyback program given the current price levels.

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