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MU

Micron

$49.36

-0.07 (-0.14%)

05:06
09/11/19
09/11
05:06
09/11/19
05:06

Micron upgraded to Buy from Neutral at Longbow

Longbow analyst Nikolay Todorov upgraded Micron Technology (MU) to Buy from Neutral with a $66 price target. The stock closed Tuesday up 26c to $49.39. The analyst's channel checks indicate upside in shipments and improving DRAM and NAND pricing fundamentals. Upstream inventory drawdown is occurring faster than previously forecast, which should drive a bottoming in DRAM fundamentals by yearend, Todorov tells investors in a research note. Further, the analyst believes NAND fundamentals are in the process of recovering. As a result, he sees upside to Micron's fiscal 2020 sales and earnings consensus and downside to capital expenditure expectations. Todorov also raised his price target for Buy-rated Western Digital (WDC) shares to $76 from $70.

  • 26

    Sep

MU Micron
$49.36

-0.07 (-0.14%)

09/04/19
DBAB
09/04/19
NO CHANGE
Target $55
DBAB
Buy
Micron shares will find support on easing DRAM price risk, says Deutsche Bank
Global trade tensions are shifting some of the bargaining power from memory buyers to memory suppliers despite "still-elevated" inventory levels, Deutsche Bank analyst Sidney Ho tells investors in a research note. Further, the impact of Japan-Korea dispute are not as bad as feared after multiple media outlets reported that Japan has approved two shipments of photoresists to South Korea, adds the analyst. Ho points out that DRAM spot prices spiked in July and have since retreated as expected, but are still ~10% above the June levels. He believes risks of further significant price declines are diminishing and sees Micron's fiscal Q4 as the "trough quarter" in the current cycle. Given that the equity market has historically led business fundamentals by about one quarter, Micron shares will find support at the current level, contends Ho. The analyst, who sees "risks to the upside as business improves," affirms a Buy rating on Micron shares with a $55 price target.
09/10/19
KEYB
09/10/19
NO CHANGE
Target $58
KEYB
Overweight
Micron Technology price target raised to $58 from $45 at KeyBanc
KeyBanc analyst Weston Twigg raised his price target for Micron Technology (MU) to $58 from $45 while keeping an Overweight rating on the shares. The chipmaker closed Monday up 16c to $49.13. The analyst's updated memory supply model suggests that supply remains well managed as memory producers wait for a demand recovery. Twigg is also seeing signs of tightening supply in some markets as demand elasticity for NAND kicks in, and as NAND and DRAM content loading in phones, PCs, and other devices continues to grow. The analyst expects both NAND and DRAM inventories to decline in the second half of 2019. Further, NAND pricing is likely to steadily increase through the second half and DRAM pricing is likely to stabilize by the end of the year, Twigg tells investors in a research note. He cites "increasing signs of stabilization" for his price target boost on Micron. The analyst keeps Sector Weight ratings on Seagate Technology (STX), Silicon Motion Technology (SIMO) and Western Digital (WDC).
09/10/19
KEYB
09/10/19
NO CHANGE
Target $58
KEYB
Overweight
Micron price target raised to $58 from $45 at KeyBanc
KeyBanc analyst Weston Twigg raised his price target for Micron to $58 from $45, while reiterating an Overweight rating on the shares. Barring a recession, the analyst expects memory trends to improve through 2020. Further, Twigg notes that Micron is well positioned to benefit from long-term drivers related to compute and storage, and views DRAM, which accounts for roughly 70% of Micron's revenue, as a likely healthier market than NAND over the long-run due to fewer competitors, high barriers to entry, and supply constraints related to scaling limitations.
09/10/19
MSCO
09/10/19
NO CHANGE
Target $48
MSCO
Equal Weight
Morgan Stanley ups Micron estimates, but voices continued concerns
Morgan Stanley analyst Joseph Moore noted a surge in DRAM volumes that started in May, which he attributes to a combination of seasonal builds and anxiety about potential supply disruption. However, supply concerns have eased and he doesn't see a repeat of the inventory build of the last 4-5 months occurring in Q4, Moore tells investors. He also does not think that DRAM margins have hit bottom, Moore added. On the NAND side, improvements have lasted longer than his initial expectations, but Moore sees challenges on both the supply side and demand side that keep him from calling an inflection in NAND. He is e raising his estimates for Micron to the high end of his range for the August quarter and raising them slightly for the November quarter, though beyond the quarter he would be inclined to take profits, as Moore does not see recent positive trends as sustainable. The analyst has an Equal Weight rating and $48 price target on Micron shares.

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