UPDATE: Deutsche Bank Raises Target to $8 on Micron Technology
Deutsche Bank increases its target to $8 from $7 on Hold-rated Micron Technology (NASDAQ: MU) as the company moves in the right direction as it navigates challenges.
Deutsche Bank says, "MU has done a good job diversifying as it is far less reliant on a handful of products and/or customers to drive results. The company is making solid progress transitioning away from the NAND components business and over the long-term we believe that is a prudent strategy. However, in the absence of a strong demand recovery we believe DRAM headwinds will persist and limit MU's ability to generate meaningful EPS. We maintain our Hold rating but raise P/T to $8 on improved prospects in NAND & lower capital intensity."
MU closed at $7.89 a share on Friday.
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