Oppenheimer Expresses Condolences to Steve Appleton's Family, Says Buy Micron Stock on Weakness
Oppenheimer has published a research report on Micron Technology (NYSE: MU) expressing its sentiments towards Steve Appleton's family and the Micron community.
In the report, Oppenheimer writes, "While [Steve Appleton's] death at the age of 51 is unfortunate for Micron, the company has had a deep bench, deep enough that the new CEO, Mark Durcan, 50, felt that he could retire in Aug. 2012. He has been asked to stay, we do not know for how long, and Mark Adams, 47, has been named COO. We would view any dip in Micron's stock as a buying opportunity. Why do we suggest buying? Tailwinds this year are everywhere you look: 1) Producing more NAND than ever before, 2)Possible JV with technology-rich Elpida, 3) DRAM price stabilizing and 4) Keeping up with competition on SSDs."
Oppenheimer maintains its $8 price target and Outperform rating on Micron Technology, which closed Friday at $7.95.
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