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WDC

Western Digital

$45.85

-2.16 (-4.50%)

, MU

Micron

$39.38

-2.15 (-5.18%)

06:44
02/08/19
02/08
06:44
02/08/19
06:44

DRAM and NAND pricing continues to deteriorate, says Goldman Sachs

Recent industry discussions suggest that memory fundamentals "remain very soft, and prices continue to decline," Goldman Sachs analyst Mark Delaney tells investors in a research note. His industry contacts suggest DRAM pricing could be down 20%-25% and NAND pricing could be down in the 20% range quarter-over-quarter in Q1 of 2019. This is in contrast to the significant rally in the memory and hard-disk-drive stocks year-to-date "even on weak fundamentals," contends the analyst. Shares of both Western Digital (WDC) and Micron Technology (MU) are up 24% year-to-date. Investors historically have not been rewarded by being too early buying memory stocks, cautions Delaney. He now believes earnings scenarios that investors considered unlikely six months ago "when memory started to roll are rising in probability." As an example, the $3.00-$4.00 earnings per share downside scenario that he published in his Micron downgrade note last September is now the analyst's base case. Delaney says memory and HDD stocks could give back some of the recent stock gains "if memory fundamentals are weak and investor expectations for the slope/timing of a recovery moderate." The analyst lowered his estimates for both Western Digital and Micron and keeps Neutral ratings on both stocks.

WDC

Western Digital

$45.85

-2.16 (-4.50%)

MU

Micron

$39.38

-2.15 (-5.18%)

  • 20

    Feb

  • 21

    Feb

WDC Western Digital
$45.85

-2.16 (-4.50%)

01/25/19
STFL
01/25/19
NO CHANGE
Target $48
STFL
Buy
Western Digital price target lowered to $48 from $60 at Stifel
Stifel analyst Kevin Cassidy said NAND oversupply and muted Cloud HDD spending prompted the below consensus results and guidance at Western Digital. While he lowered his estimates, he is cautiously optimistic about the potential upside from NAND Flash capex cuts, operational spending cuts and adoption of higher density Enterprise HDD. Cassidy lowered his price target on Western Digital shares to $48 from $60, but he keeps a Buy rating on the stock, stating that management's comments around flat sequential revenue in the June quarter followed by increasing demand in the second half "gave investors a reason to turn a bit more bullish."
02/05/19
MSCO
02/05/19
NO CHANGE
Target $48
MSCO
Overweight
Seagate price target lowered to $48 from $60 at Morgan Stanley
Morgan Stanley analyst Katy Huberty expects a near-term pullback in Seagate (STX) shares following the company's Q2 earnings report. Seagate executed better than Western Digital (WDC) in December, said Huberty, who added that the fact the company isn't modeling the same level of share gains in March and the macro impact on markets with exposure to China suggests the earnings trough is pushed out by a quarter. The company is taking action to lower production levels and margins should rebound after the March reset, added Huberty, who lowered her price target on Seagate shares to $48 from $60 but keeps an Overweight rating on the stock.
02/05/19
LBOW
02/05/19
NO CHANGE
LBOW
Neutral
Micron estimates reduced at Longbow on DRAM price erosion
Longbow analyst Nikolay Todorov maintained Neutral ratings on Micron (MU) and Western Digital (WDC), telling investors in a research note that the sharp DRAM contract price move suggests that the market is in the crux of an inventory correction. He says that there have been some first positive signs of an inflection in NAND fundamentals, but says it is too early to have conviction in a reversal and awaits more data in order to gain conviction that fundamentals have bottomed. Todorov reduced his Q2 EPS estimate for Micron to $1.72, FY19 EPS to $7.81 and now sees FY20 EPS of $7.43, which reflects the more abrupt DRAM price erosion.
02/07/19
02/07/19
DOWNGRADE
Target $19

Hold
Marvell downgraded to Hold on challenging 2019 at Craig-Hallum
As previously reported, Craig-Hallum analyst Christian Schwab downgraded Marvell to Hold from Buy saying the company's Storage business is being significantly impacted by Western Digital (WDC) and Seagate's (STX) unit weakness and inventory management. Although the HDD industry is expecting to rebound in the back half of the calendar year, the improvement is expected to be driven by hyperscale datacenter spending, he contends, adding that these drives have higher ASPs and margins benefiting the HDD manufacturers, but will not drive a material unit recovery. Schwab believes NAND price elasticity will offer an opportunity in the 2H of 2019 for Marvell's SSD controller business to improve. However, NAND price elasticity is not instant and will be driven by new innovations and new platforms coming to market, the analyst contends. He also lowered his price target on Marvell's shares to $19 from $22.
MU Micron
$39.38

-2.15 (-5.18%)

01/15/19
WELS
01/15/19
NO CHANGE
Target $50
WELS
Outperform
Micron down-cycle concerns persist, long-term value attractive, says Wells Fargo
After meeting with Micron's management, Wells Fargo analyst Aaron Rakers says that while the severity of the current down-cycle remains the key focus, Micron continues to execute on DRAM costs down ahead of the industry trend in the high-single digit year over year range. Further, the analyst thinks investors are underappreciating the company's positioning to gain share in mobile. Rakers reiterates an Outperform rating and $50 price target on the shares.
01/17/19
SBSH
01/17/19
NO CHANGE
SBSH
On Semiconductor stocks, Citi says 'time to step in'
Citi analyst Christopher Danely says it is "time to step in" to shares of Semiconductors. Although he expects another cut to consensus estimates, he believes it will be smaller than the cut following the October quarter. This should be good for Semiconductor stocks and would indicate a bottom is forming with the worst cuts behind us, Danely tells investors in a research note previewing the sector's Q4 earnings. Less bad earnings reductions will be viewed positively given the "poor sentiment and the second derivative is improving," says the analyst. As such, Danely expects the stocks to rally during this earnings season. Names in the Semi space include AMD (AMD), Intel (INTC), Marvell (MRVL), Microchip (MCHP), Micron (MU), Nvidia (NVDA), Qualcomm (QCOM) and Texas Instruments (TXN).
01/17/19
JPMS
01/17/19
NO CHANGE
JPMS
JPMorgan sees bottom forming in Semi stocks ahead of second half rally
JPMorgan analyst Harlan Sur expects most of the Semiconductor companies he covers to report December quarter numbers in-line with his and consensus expectations. The stocks should start to discount improving fundamentals in the first half of 2019 and should be accumulated on any further pullbacks, Sur tells investors in a research note. While the analyst anticipates another round of consensus estimate cuts in the January earnings season, he believes further share downside is limited since many of his stocks are down 25% from the peak in March/June of last year. In large cap stocks, Sur's top pick is Broadcom (AVGO) and he also favors Nvidia (NVDA), Intel (INTC), Maxim Integrated (MXIM) and Micron Technology (MU). The analyst's small cap top picks include Inphi (IPHI) and Mellanox (MLNX). In Semi Capital Equipment, Sur favors Lam Research (LRCX).

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KSU

Kansas City Southern

$118.05

-4.78 (-3.89%)

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NSC

Norfolk Southern

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CSX

CSX

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-8.36 (-10.51%)

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UNP

Union Pacific

$166.50

-8.6 (-4.91%)

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$NSD

NASDAQ Market Internals

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$NYE

NYSE Market Internals

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NTAP

NetApp

$59.31

0.36 (0.61%)

12:15
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Options
NetApp put volume heavy and directionally bearish »

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Breaking General news story  »

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CBB

Cincinnati Bell

$4.28

-0.44 (-9.32%)

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  • 08

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JDST

Direxion Daily Junior Gold Miners Index Bear 3x Shares

$21.02

-2.08 (-9.00%)

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NUS

Nu Skin

$38.13

-7.37 (-16.20%)

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  • 06

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AG

First Majestic

$9.10

0.53 (6.18%)

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First Majestic rises 6.2% »

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JNUG

Direxion Daily Jr Gld Mnrs Bull 3X Shrs

$70.17

5.71 (8.86%)

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FSM

Fortuna Silver Mines

$3.55

0.37 (11.65%)

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11:55
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Oil Action: WTI crude »

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AVXL

Anavex

$3.03

(0.00%)

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CZR

Caesars

$11.90

-0.01 (-0.08%)

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Options
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MYL

Mylan

$17.95

-0.48 (-2.60%)

11:45
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Options
Mylan call volume above normal and directionally bullish »

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  • 31

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NTDOY

Nintendo

$0.00

(0.00%)

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  • 19

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DTEGY

Deutsche Telekom

$0.00

(0.00%)

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GLW

Corning

$33.00

-0.29 (-0.87%)

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  • 30

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VRAY

ViewRay

$9.20

0.05 (0.55%)

, EKTAY

Elekta

$0.00

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VRAY

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EKTAY

Elekta

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  • 09

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FOXA

Fox Corp.

$36.26

-0.41 (-1.12%)

11:35
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21st Century Fox put volume heavy and directionally bearish »

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PNC

PNC Financial

$141.24

2.58 (1.86%)

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