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MU

Micron

$44.00

1.55 (3.65%)

07:53
04/04/19
04/04
07:53
04/04/19
07:53

Micron downgraded to Underweight following recent rally at Morgan Stanley

As previously reported, Morgan Stanley analyst Joseph Moore downgraded Micron to Underweight from Equal Weight, stating that the company's fundamentals have not changed but the stock has rallied amid recent optimism as cloud demand has started to come back and a competitor has experienced a "minor product qualification challenge." However, the growing consensus view that earnings will be near a bottom this quarter seems "much too optimistic" to Moore, who sees DRAM remaining oversupplied throughout the year and into next. NAND is closer to a bottom than DRAM, admits Moore, but he sees difficult conditions persisting for NAND through the year as well. He keeps a $32 price target on Micron shares.

MU Micron
$44.00

1.55 (3.65%)

03/27/19
GSCO
03/27/19
NO CHANGE
Target $49
GSCO
Buy
Western Digital price target raised to $49 from $42 at Goldman Sachs
Goldman Sachs analyst Mark Delany raised Western Digital's (WDC) price target to $49 from $42 saying a cut in Micron's (MU) NAND production should be a positive for the NAND business. Delany did not change is normalized earnings estimate of $7.00, but did raise his multiple to 7x from 6x and maintained a Neutral rating.
03/28/19
RBCM
03/28/19
INITIATION
Target $50
RBCM
Outperform
Micron assumed with an Outperform at RBC Capital
RBC analyst Mitch Steves assumed coverage of Micron with an Outperform rating and a price target of $50, saying that while the dynamics in memory demand remain "challenging", the space typically rallies on the "last cut". The analyst contends that investors have correctly assumed negative growth through the end of 2019, but expects more positive data points to emerge exiting Q4 of this year as "smartphones recover" and "data center trends ramp up", with increased memory content in both "soaking up excess supply".
04/01/19
KEYB
04/01/19
NO CHANGE
KEYB
DRAM monthly contract pricing declined sharply again in March, says KeyBanc
KeyBanc analyst Weston Twigg notes that inSpectrum released its March monthly memory contract pricing this morning, with price declines in line with expectations. The analyst anticipates DRAM price declines to continue through the second half of 2019, though the rate of decline will likely decelerate. Twigg also anticipates NAND bit supply growth to drop below 30% on a year over year basis in the second half of the year due to scaling inefficiencies and limited capacity expansion. Despite near-term demand headwinds in both DRAM and NAND, he continues to anticipate meaningful long-term demand growth as new demand drivers, such as 5G, hyperscale, and edge/endpoint devices, continue to expand. Further, the analyst views the DRAM market as likely healthier and more profitable than NAND over the long run given just three main producers - Micron (MU), Samsung (SSNLF), and SK Hynix -, strong long-term demand drivers, and rational capacity expansion. However, NAND pricing could stabilize sooner than DRAM, and NAND shortages may emerge as early as Q3, he adds.
04/04/19
MSCO
04/04/19
DOWNGRADE
MSCO
Underweight
Micron downgraded to Underweight from Equal Weight at Morgan Stanley

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EXPO

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TRNO

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Wayfair

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