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MU

Micron

$40.40

1.83 (4.74%)

07:41
02/13/19
02/13
07:41
02/13/19
07:41

Deutsche Bank sees attractive risk/reward for Micron despite estimate cuts

Deutsche Bank analyst Sidney Ho lowered his estimates for Micron Technology to reflect "weak" DRAM pricing trends. However, in a research note titled "DRAM prices worsened, but closer to a trough," the analyst says aggressive capex cuts by memory suppliers combined with a recovery in server demand should lead to a more favorable supply/demand environment by mid-2019. The rebound in Micron shares, which are up 27% year-to-date, may have anticipated some of this recovery, but with the stock currently trading at ~1.4 times book value of $30, the risk/reward remains attractive relative to a five-year median of ~1.7 times book, Ho writes. As such, he maintains a Buy rating on the shares with a $48 price target.

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MU Micron
$40.40

1.83 (4.74%)

02/12/19
MZHO
02/12/19
NO CHANGE
Target $45
MZHO
Buy
Micron target lowered to $45 on falling DRAM prices at Mizuho
DRAM trends remain challenging with average selling prices "down significantly" as data center original equipment manufacturers continue to digest excess inventory with China weak and slowing capex, Mizuho analyst Vijay Rakesh tells investors in a research note. On the NAND side, after "significant" 2018 price declines, price declines are moderating though NAND supplier inventory is still high, says Rakesh. To reflect DRAM demand and price declines, the analyst cut his May quarter and 2019 sales and gross estimates for Micron Technology. He also dropped his price target for the shares to $45 from $47 but keeps a Buy rating on the name.
02/11/19
MSCO
02/11/19
NO CHANGE
Target $33
MSCO
Equal Weight
Micron 'ahead of itself' in short term, says Morgan Stanley
Morgan Stanley analyst Joseph Moore said he expects demand for cloud, PCs and phones to improve seasonally through the year, but he contends that buying DRAM stocks "because cloud spending will come back" is highly likely to end in disappointment as he thinks DRAM is fundamentally oversupplied. Moore sees 2019 as a difficult year for DRAM even with a sharp demand recovery in spending and would rather buy Intel (INTC) or NVIDIA (NVDA) for a cloud recovery, he tells investors. He maintains an Equal Weight rating on Micron (MU) shares, but added that he thinks the stock is "ahead of itself in the short term."
02/08/19
GSCO
02/08/19
NO CHANGE
GSCO
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.
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.

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Equinix

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WIN

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AMGN

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WIN

Windstream

$3.37

0.2 (6.31%)

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Uniti Group

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GLD

SPDR Gold Shares

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