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MU

Micron

$35.66

0.21 (0.59%)

, SGH

Smart Global

$26.32

-0.23 (-0.87%)

10:10
10/25/18
10/25
10:10
10/25/18
10:10

Hynix outlook should ease fears of extended memory downturn, says Stifel

SK Hynix in last night's Q3 earnings report saw a sequential increase in gross margin with slightly higher DRAM average selling prices quarter-over-quarter while NAND Flash selling prices s declined at roughly the same rate as in Q2, Stifel analyst Kevin Cassidy tells investors in a research note. Importantly, Hynix expects the current pricing pressure to have a short duration with customers decreasing NAND flash inventories by the end of 2018 and data center DRAM demand re-accelerating in mid-2019, says Cassidy. He believes the company's outlook and the "rational response" to the pricing environment should alleviate some market concerns about an extended downturn in the memory cycle. This benefits suppliers such as Micron Technology (MU), Smart Global Holdings (SGH) and Western Digital (WDC), Cassidy tells investors. Shares of Micron in early trading are up 49c to $35.92.

MU

Micron

$35.66

0.21 (0.59%)

SGH

Smart Global

$26.32

-0.23 (-0.87%)

WDC

Western Digital

$52.92

0.63 (1.20%)

  • 25

    Oct

MU Micron
$35.66

0.21 (0.59%)

10/22/18
RAJA
10/22/18
INITIATION
RAJA
Market Perform
Micron initiated with a Market Perform at Raymond James
Raymond James analyst Chris Caso initiated Micron with a Market Perform saying DRAM and NAND have entered a cyclical correction, and the magnitude and duration of which remain unclear. Caso thinks Street estimates need to come down and is not willing to make a valuation argument until we are closer to a fundamental bottom.
10/23/18
SUSQ
10/23/18
DOWNGRADE
SUSQ
Neutral
Micron downgraded to Neutral from Positive at Susquehanna
10/23/18
SUSQ
10/23/18
DOWNGRADE
Target $45
SUSQ
Neutral
Susquehanna downgrades Micron to Neutral on weakening memory demand
Susquehanna analyst Mehdi Hosseini downgraded both Micron Technology (MU) and SK Hynix to Neutral from Positive after channel checks suggested a more "challenging" Enterprise/Cloud demand environment. He lowered his price target for Micron shares to $45 from $75. The chipmaker closed yesterday down 2%, or 69c, to $39.76. Checks suggest there has been a "continued reduction in memory demand expectations" for the first half of 2019, particularly for server DRAM, Hosseini tell investors in a research note. He believes quarterly operating margin and earnings need to trough before the memory industry sees higher valuation multiples. This now appears to have been pushed out by a few quarters, admits Hosseini.
10/23/18
10/23/18
DOWNGRADE

Susquehanna downgrades Memory/Storage sector on cloud downturn
Susquehanna analyst Mehdi Hosseini downgraded his view on the Memory/Storage sector, stating that top executives at Cloud service providers and Enterprise customers appear to have become more cautious about 2019 spending plans and the "digestion period" he has been anticipating by YE18 and into 1H19 appears to have evolved into a more worrisome "downturn." His updated view is that DRAM average selling prices will trend worse than prior expectations in the first half of 2019 and although NAND spending plans for the second half of 2018 have already been reduced, he expects more downward revisions there too. Overall, he now expects memory spending in 2019 to decline by 10%-15% year-over-year, which he notes is worse than his prior expectation of memory spending being down 8%-10%. As previously reported, Hosseini downgraded both Micron Technology (MU) and SK Hynix to Neutral from Positive and downgraded Seagate (STX) to Negative from Neutral.
SGH Smart Global
$26.32

-0.23 (-0.87%)

10/05/18
DBAB
10/05/18
NO CHANGE
Target $50
DBAB
Buy
Smart Global results 'more stable than feared,' says Deutsche Bank
In a post-earnings research note titled "More stable than feared," Deutsche Bank analyst Sidney Ho says Smart Global's (SGH) guidance for in-line revenue and slightly better earnings should ease investors' fears that the weakening memory will lead to sharp estimate cuts. The analyst is encouraged by the company's confidence that the second half of fiscal 2019 should see strong seasonal growth driven by both Penguin and Brazil Mobile Memory businesses. He believes this strength highlights the difference in business model between Smart Global and memory component suppliers such as Micron Technology (MU). Ho lowered his price target for the shares to $50 from $60 but keeps a Buy rating on the name. He notes Smart Global trade "at only" four times this revised 2019 earnings estimate.
10/05/18
ROTH
10/05/18
NO CHANGE
Target $60
ROTH
Buy
Smart Global price target cut to $60 from $70 at Roth Capital
Roth Capital analyst Suji Desilva maintained a Buy rating on Smart Global but cut his price target to $60 from $70. Smart Global represents a differentiated investment opportunity and is a leading provider of specialty memory, compute, connectivity and power solutions, and Desilva tells investors in a research note that results and guidance in the quarter both came in ahead of consensus, reflecting continued strong execution across key segments despite broader concerns about a memory demand cycle. Recent weakness in Smart Global shares represents a "mispricing" that assumes the company is exposed to a cyclical memory downturn, he says.
10/05/18
STFL
10/05/18
NO CHANGE
Target $62
STFL
Buy
Smart Global guidance 'may confound short sellers,' says Stifel
Stifel analyst Kevin Cassidy said Smart Global "delivered a solid beat" in Q4 and that its diversification strategy is showing its merits as demand for Specialty Memory and newly acquired Specialty Compute & Storage products came in better than expected. The analyst, who believes that guidance for sequential growth in all product lines "may confound short sellers," keeps a Buy rating on Smart Global shares and raised his price target on the stock to $62 from $61.
WDC Western Digital
$52.92

0.63 (1.20%)

09/17/18
GUGG
09/17/18
NO CHANGE
Target $125
GUGG
Buy
Western Digital currently values NAND business at zero, says Guggenheim
Guggenheim analyst Robert Cihra kept his Buy rating and $125 price target on Western Digital, saying the recent sell-off in its stock on cooling NAND prices has brought valuation to a point where it assigns a 10-times multiple on the core HDD earnings and zero to NAND/SSDs. The analyst notes that while sentiment on the stock may not recover until NAND margins improve - which he expects to happen in the March or June quarter of 2019 - but also believes that the current stock price valuation "more than discounts" that moderation. Cihra adds that he is positive on Western Digital's presence in both electromagnetic/mechanical HDDs and solid state NAND/SSDs options as the market storage demands continue to grow.
09/21/18
BNCH
09/21/18
NO CHANGE
Target $110
BNCH
Buy
Benchmark says NAND pricing expected to stabilize, keeps Western Digital at Buy
Benchmark analyst Mark Miller believes Western Digital shares have been pressured by NAND pricing declines, but he thinks NAND chip pricing is likely to stabilize. He also expects continued double digit growth in storage demand, leading him to maintain a Buy rating on the shares. However, Miller lowered his price target on Western Digital to $110 from $120.
10/01/18
MZHO
10/01/18
DOWNGRADE
Target $65
MZHO
Neutral
Western Digital downgraded to Neutral from Buy at Mizuho
Mizuho analyst Vijay Rakesh downgraded Western Digital (WDC) to Neutral and lowered his price target for the shares to $65 from $100. After a trip to Asia, the analyst believes NAND average selling prices will continue to decline at a low-double digit rate through Q1 of 2019 and at a high-single digit rate through 2019. The current consensus estimate for flat gross margins "could see significant downside," Rakesh tells investors in a research note. The analyst this morning also downgraded Lam Research (LRCX) to Neutral and lowered his price target for Micron Technology (MU) to $60. However, he remains positive on Micron shares citing the company's "more DRAM discipline," faster stabilization and its $10B share buyback.
10/01/18
RBCM
10/01/18
NO CHANGE
Target $68
RBCM
Western Digital price target lowered to $68 from $70 at RBC Capital
RBC Capital analyst Amit Daryanani lowered his price target on Western Digital (WDC) to $68 and kept his Sector Perform rating. The analyst contends that the ongoing CPU shortages at Intel (INTC) that were on display "minimally" last quarter will get even more magnified in the December quarter. Daryanani adds that while Intel's intentions to invest $1B to resolve capacity issues will address the issue by the first half of 2019, the company is also exposed to the risk of hyperscale customers adjusting their inventory and reducing purchases. The analyst lowers his FY18 EPS view on Western Digital to $9.88 from $9.99 and FY19 revenue view to $19.5B from $19.7B. Daryanani also lowers his price target on Seagate (STX) to $60 from $62 with a maintained Sector Perform rating, citing the same rationale.

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General Motors

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