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MU

Micron

$42.82

0.99 (2.37%)

09:30
04/17/19
04/17
09:30
04/17/19
09:30

NAND turn could come sooner than expected, says Cleveland Research

Cleveland Research analyst Chandler Converse said his work indicates that the pace of DRAM price declines is expected to decelerate in the second half of the year and that the NAND market could bottom in the second half as the turn could be sooner than previously expected. The analyst, who sees a more favorable 2020 setup for DRAM/NAND pricing, keeps a Neutral rating on Micron shares.

MU Micron
$42.82

0.99 (2.37%)

04/08/19
COWN
04/08/19
DOWNGRADE
Target $45
COWN
Market Perform
Cowen downgrades Micron, sees profitability declining again in 2020
Cowen analyst Karl Ackerman downgraded Micron Technology to Market Perform from Outperform and lowered his price target for the shares to $45 from $46. The stock in premarket trading is down 2%, or 86c, to $42.46. The analyst's field work indicates Micron's profitability will decline again in calendar year 2020. The work shows a "confluence of a sea change in the competitive environment" as well as an erosion in the company's NAND cost leadership, Ackerman tells investors in a research note. He thinks this is a "stark contrast to what is contemplated by most investors." Channel checks indicate producers have already undercut each other in supplying server DRAM modules and enterprise solid state drives to data center customers, says the analyst. He believes Samsung's willingness to outgrow the industry in a "fairly depressed demand environment" should stymie Micron's margin progression for the balance of 2019.
04/08/19
04/08/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. General Electric (GE) downgraded to Underweight from Neutral at JPMorgan with analyst Stephen Tusa saying with the stock up 38% year-to-date, many investors are underestimating the severity of the challenges and underlying risks at GE, while overestimating the value of "small positives." 2. Starbucks (SBUX) downgraded to Neutral from Buy at UBS with analyst Dennis Geiger saying the risk/reward on shares "appears balanced" with the stock up 55% since June. 3. Boeing (BA) downgraded to Neutral from Buy at BofA/Merrill with analyst Ronald Epstein citing the company's announcement that it will cut 737 production rates to 42 per month from 52 per month, which he takes to likely mean that the 737 delay could last longer than previously expected. 4. Micron (MU) downgraded to Market Perform from Outperform at Cowen with analyst Karl Ackerman saying his field work indicates Micron's profitability will decline again in calendar year 2020. 5. Roku (ROKU) downgraded to Sell from Neutral at Citi with analyst Mark May saying the stock is up 110% year-to-date and near all-time highs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/16/19
NOMU
04/16/19
INITIATION
Target $45
NOMU
Neutral
Micron initiated with a Neutral at Nomura Instinet
Nomura Instinet analyst David Wong started Micron Technology with a Neutral rating and $45 price target. The analyst expects continuing pressure on memory profitability through 2019 as the semiconductor industry works through the downturn that began in late 2018. However, he sees Micron's margins bottoming in the August quarter and thinks structural improvements in the memory industry should allow the company to maintain profitability levels going forward that are similar to what we have seen in the last four years.
04/16/19
04/16/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Dow Inc. (DOW) initiated with a Top Pick at RBC Capital. 2. Ensco Rowan (ESV) initiated with an Overweight at Morgan Stanley. 3. Micron (MU) initiated with a Neutral at Nomura Instinet. 4. SkyWest (SKYW) initiated with a Buy at Stifel. 5. Forestar Group (FOR) initiated with a Buy at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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XEL

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XCEL

EXCEL ENERGY INC.

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IRM

Iron Mountain

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BDRBF

Bombardier

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NTB

Butterfield

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-0.18 (-0.48%)

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WST

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ENTG

Entegris

$40.85

0.18 (0.44%)

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WCN

Waste Connections

$89.28

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BDRBF

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IRM

Iron Mountain

$35.84

-0.025 (-0.07%)

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ENTG

Entegris

$40.85

0.18 (0.44%)

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PTEN

Patterson-UTI

$15.13

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TER

Teradyne

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VMI

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DHI

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GRA

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CUI

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OXY

Occidental Petroleum

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Downgrade
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DHI

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DHI

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MSFT

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ALLE

Allegion

$95.50

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