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MU

Micron

$34.12

0.23 (0.68%)

07:33
12/19/18
12/19
07:33
12/19/18
07:33

Micron shares attractive at current levels, says Nomura Instinet

In a post-earnings research note titled "Buy on Reset, 1x Book Value," Nomura Instinet analyst Romit Shah says current levels mark an attractive opportunity to buy Micron Technology shares. The analyst recognizes that global growth is slowing, but he says historically the stock only trades below one times book value when Micron is losing money. This seems unlikely with a February quarter outlook for almost 40% operating margin, says Shah. He keeps a Buy rating on Micron with a $50 price target following last night's results.

  • 08

    Jan

MU Micron
$34.12

0.23 (0.68%)

12/19/18
BMOC
12/19/18
NO CHANGE
Target $32
BMOC
Market Perform
Micron price target lowered to $32 from $38 at BMO Capital
BMO Capital analyst Ambrish Srivastava lowered his price target on Micron to $32 and kept his Market Perform rating after its disappointing Q2 outlook, saying he "bristles" at the management's characterization of the memory downturn as an "air pocket". Instead, the analyst contends that the downturn appears to be "broad" given the company's reduced expectations of bit demand growth in DRAM and NAND, ranging "from mobile to data center to enterprise." Based on its worse than anticipated supply/demand imbalance, Srivastava also slashes his FY19 EPS view on Micron to $7.64 from $10.22 and for FY20 to $6.01 from $9.23, adding that the industry looks to be "well past the peak in the memory cycle."
12/19/18
MKMP
12/19/18
NO CHANGE
Target $44
MKMP
Buy
Micron price target lowered to $44 from $50 at MKM Partners
MKM Partners analyst Ruben Roy lowered his price target on Micron to $44 after its Q1 results last night, saying that while its earnings were in line with recent guidance, the outlook for Q2 was "much lower". The analyst further notes the company's "proactive" reduction in anticipated FY19 capital expenditures to $9.0B-$9.5B from prior forecast of $10.5B to reflect the near term headwinds and the reduction in its forecast for the industry DRAM bit demand growth to 16% from 20%. While Roy maintains his Buy rating on Micron shares longer term, he expects the stock to trade in a narrow range until visibility on its inventory situation improves.
12/19/18
WELS
12/19/18
NO CHANGE
Target $50
WELS
Outperform
Micron price target lowered to $50 from $63 at Wells Fargo
Wells Fargo analyst Aaron Rakers lowered his price target for Micron to $50 from $63, while reiterating an Outperform rating on the shares. The analyst notes that Micron's Q2 guide and outlook commentary pointing to persisting/multi-quarter DRAM and NAND Flash demand headwinds are clearly negative. However, he thinks Micron's reduced capex/capacity guide, technology execution, his expectation of sustained positive free cash flow, Micron's aggressive share repo activity, and a valuation nearing a bottoming 1-time price/book level should entice a more active risk/reward dialogue.
12/19/18
DBAB
12/19/18
NO CHANGE
Target $48
DBAB
Buy
Micron remains attractive investment over 12-month period, says Deutsche Bank
Deutsche Bank analyst Sidney Ho lowered his price target for Micron Technology to $48 from $60 saying the company's guidance for fiscal Q2 is "quite a bit worse" than he expected. Headwinds from oversupply look to continue through the first half of 2019, Ho tells investors in a post-earnings research note. The analyst, however, is encouraged that Micron is "reacting quickly" by reducing capital spending and planned bit shipment output. This, along with capex push-outs by other memory suppliers, should set up for a recovery starting in mid-2019, Ho contends. He believes Micron "is an attractive investment over a 12-month period" and keeps a Buy rating on the shares.

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