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MU

Micron

$34.12

0.23 (0.68%)

08:50
12/19/18
12/19
08:50
12/19/18
08:50

Micron downgraded to Sector Perform at RBC Capital on inventory, demand risks

As reported earlier, RBC Capital analyst Amit Daryanani downgraded Micron to Sector Perform from Outperform and lowered his price target to $40 from $59 after its disappointing Q2 outlook. The analyst cites the company's inventory risk, as the "ongoing" industry downturn has increased its inventories by 22% "and heading higher" in the February quarter, warning that memory also tends to be a "depreciating asset" as the industry correction gets more "severe". Daryanani is also concerned with "Demand risk" for Micron, with real possibility that the issue requires further reduction in capacity and/or lower pricing in mid-2019. Additionally, the analyst cites competitive risk given the lack of clarity about its peers' intentions to reduce capacity and an upside inflection in Micron's operating expenses, which could pressure earnings further in Q3.

  • 08

    Jan

MU Micron
$34.12

0.23 (0.68%)

12/19/18
KEYB
12/19/18
NO CHANGE
Target $45
KEYB
Overweight
Micron price target lowered to $45 from $61 at KeyBanc
KeyBanc analyst Weston Twigg lowered his price target for Micron to $45 from $61 after the company reported results in line with its Q1 preannouncement, but offered Q2 guidance well below consensus as customers continue to draw down inventory in the face of softening demand and growing uncertainty into 1H19. Still, the analyst thinks Micron is performing relatively well, with margins likely to hold up better than past cycles. Twigg reiterates an Overweight rating on the shares as he believes in strong, long-term demand drivers and solid execution throughout cycles
12/19/18
LBOW
12/19/18
NO CHANGE
LBOW
Neutral
Micron 'getting close' to a bottom, says Longbow
Longbow analyst Joe Wittine noted that Micron guided February quarter results materially lower, as expected, citing broadly weak end markets, a transition year ahead for SSDs, and falling bit prices for both DRAM and NAND. In a note entitled "Getting Close to the Bottom," Wittine said that the company's estimates for 2019 DRAM and NAND bit growth seem to imply "relatively healthy" August and November quarter bit growth forecasts. He maintains a Neutral rating on Micron shares.
12/19/18
NEED
12/19/18
DOWNGRADE
NEED
Hold
Micron downgraded to Hold from Buy at Needham
Needham analyst Rajvindra Gill downgraded Micron to Hold after its Q2 guidance came in "significantly below consensus" because of "weakening demand conditions, inventory adjustments at hyperscale customers, and seasonal weakness." The analyst notes that while the company believes that demand will accelerate in the second half of 2019 with confidence that it can navigate "this period of inventory workdown", he is worries that demand conditions could worsen even further with added pressure on margins. Gill warns that the demand environment could remain "murky" for at least the next 6 months, also lowering his FY19 EPS view to $7.55 from $11.60.
12/19/18
UBSW
12/19/18
NO CHANGE
Target $38
UBSW
Neutral
Micron guidance a market clearing event for investors, says UBS
UBS analyst Timothy Arcuri noted Micron lowered its guidance following its Q1 earnings report, which he believes is the first market-clearing event for long-term investors and a "massive" step in the right direction. He said it is probably too early to go all-in, but he believes it is time to start paying attention as 2019 could be a good year for the company. Arcuri maintained his Neutral rating and lowered his price target to $38 from $41 on Micron shares.

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State Street

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TNXP

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FOMX

Foamix

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