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Fly News Breaks for October 11, 2017
MU
Oct 11, 2017 | 08:28 EDT
Nomura Instinet analyst Romit Shah believes Micron's $1B secondary offering is management is being "financially shrewd and unlocking shareholder value in an unconventional way." Micron is using its stock currency following the appreciation over the past year to deleverage its balance sheet, Shah tells investors in a research note titled "Deleveraging While the Getting Is Good." The move should accelerate the company's target of achieving an interim debt target of $8B-9B in fiscal year of 2018, versus $11.1B currently, the analyst adds. He believes the dilution will be minimal at around 15c. Shah keeps a Buy rating on Micron with a $45 price target.
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