UPDATE: Stifel Nicolaus Raises PT to $9 on Micron Technology
Stifel Nicolaus reiterates its Buy rating on Micron Technology (NASDAQ: MU) and raises its target price to $9 from $7.50 a share as the company announces Mark Duncan as its new CEO following Friday's tragedy.
Stifel Nicolaus notes, "We view Micron's announced succession plans as a best case scenario when considering Friday's dire news. We believe Mr. Durcan will maintain the company's long term strategy. We believe favorable memory market trends for lower capacity expansion justifies higher valuation multiples. We are increasing our 12-month price target to $9.00 and re-iterating our Buy rating."
MU closed at $7.95 a share on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.