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MU

Micron

$42.29

0.78 (1.88%)

16:02
08/12/19
08/12
16:02
08/12/19
16:02

Micron sees demand coming back, helping with inventory levels

Shares of Micron (MU) were on the rise in late trading on Monday as the company's CFO spoke during the KeyBanc Capital Markets 21st Annual Technology Leadership Forum. David Zinsner said that "demand has come back," and sees inventory levels coming down in the fourth quarter and during fiscal year 2020. DEMAND HELPING WITH INVENTORY LEVELS: During the KeyBanc technology leadership forum, Zinsner said that, "We've been through a couple of quarters of a downward cycle caused by a few different factors. We've had inventory building at some clients, CPU shortages that impact client space, some less than robust sales for high-end cellphones and handhelds which impacted and that put a lot of pressure on the demand side of the equation of our business. [...] Still, we still had a pretty good quarter. We would've hit the high point of guidance if it hadn't been for the situation with Huawei and hadn't stopped shipments." Discussing the current year, Zinsner noted that the "only thing that you can take away as negative is inventory levels." The company expect to have inventory come down in the fourth quarter - at least down to 140 days - noting that Micron has "a pretty good path to bring it down during fiscal year 2020." "And what is helping us is demand has come back. [...] We're also seeing very good elasticity in NAND and that demand is also helping improve our inventory demand," the company's CFO added. The company acknowledged that it didn't expect to see the level of decline for DRAM, NAND seen this cycle. Over the next 10 years, Micron sees opportunities in the cloud cycle as "we move into AI," 5G and autonomous driving, added the executive. TRADE WAR: Asked about the current U.S.-China trade war, Zinsner said that, Micron has "a global footprint." He added: "To the extent that this trade disputes manifest in a more expensive way, we do have the flexibility to move things around [...] These issues do cause some economic turmoil. We have to be flexible regarding our expectations." PRICE ACTION: In late afternoon trading, shares of Micron gained about 1.5% to $42.14.

  • 12

    Aug

MU Micron
$42.29

0.78 (1.88%)

07/30/19
07/30/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Micron (MU) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Joseph Moore saying global trade tensions and potential supply risks are driving shorter term inventory accumulation and he believes his Underweight rating is now "less actionable." 2. On Deck Capital (ONDK) upgraded to Buy from Neutral at BTIG with analyst Giuliano Bologna saying the company's "soft" Q2 results is offset by the $50M share repurchase plan and desire to pursue a bank charter. 3. Pinnacle West (PNW) upgraded to Buy from Hold at Argus with analyst Gary Hovis saying the stock has underperformed over the past month with a 3% decline in spite of the company's "solid fundamentals, improved earnings visibility, and expanding rate base." 4. Mohawk (MHK) upgraded to Neutral from Underperform at Buckingham with analyst Megan McGrath citing her view that flooring industry risks have been more adequately priced into the shares following the 20% pullback in the stock since the company reported Q2 earnings after the close on Thursday. 5. Melco Resorts & Entertainment (MLCO) upgraded to Buy from Outperform at Daiwa with analyst Andrew Chung calling it the "Crown Prince of Macau." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/19
LYNX
08/07/19
NO CHANGE
LYNX
Lynx can see the Micron bull case on Japan-Korea tensions, 'but with caveats'
Lynx Equity Strategies analysts KC Rajkumar and Jahanara Nissar noted that Japan-Korea trade issues have been replaced by headlines of the new bout of U.S.-China trade tensions, but their recent checks in the field shows that the ongoing trade issues between Japan and Korea "show no signs of easing." Given the early signs of downstream players anticipating memory contract prices to turn up in 1-2 months, they said they can see the bull case for Micron, "but with caveats." While export restrictions on semiconductor raw materials can crimp memory output from dominant Korea suppliers, especially in DRAM, there is also the potential that if downstream producers lowered their output in anticipation of a sustained disruption that could depress demand for the semiconductor sector as a whole, Rajkumar and Nissar explain in their note to investors.
08/08/19
GSCO
08/08/19
NO CHANGE
GSCO
Memory summit reinforces Goldman view that NAND pricing set to improve
After attending the Flash Memory Summit on August 6 and 7, Goldman Sachs analyst Mark Delaney said his meetings and talks with industry participants reinforced his view that NAND pricing is already showing signs of improvement and increased his confidence that blended NAND pricing will be up sequentially in the fourth quarter. Meanwhile, he still thinks DRAM pricing is likely to fall in the near-term, but said the rate of Q4 decline could be "somewhat less severe" than he previously expected. Delaney has a Buy rating on Micron (MU), a Neutral rating on Western Digital (WDC) and a Buy rating on Lam Research (LRCX), which he believes is well-positioned to benefit from continued scaling in NAND.
08/12/19
SBSH
08/12/19
NO CHANGE
Target $30
SBSH
Sell
Citi keeps Sell on Micron, but thinks stock could reach $60 longer term
After hosting investor meetings with management, Citi analyst Christopher Danely keeps a Sell rating on Micron Technology with a $30 price target. The analyst believes the DRAM downturn last into the first half of 2020. However, longer term, he thinks Micron's earnings per share can get back to the peak of $11.74 and the stock could reach $60-plus.

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