UPDATE: Oppenheimer Raises PT to $9.50 on Micron Technology

Oppenheimer increases its price target on Outperform-rated Micron Technology MU to $9.50 from $8 as it believes the company's valuation is conservative. Oppenheimer notes, "MU sent across the right messages at its analyst day: that it is about the future and that it continues to increase market share and premium pricing for its products. A new era, a different style of leadership and increased NAND and wireless content make us shift our PT methodology from book value alone to a multiple of book value, a la SanDisk, its closest US comp. SNDK trades at 1.5x book value. We think that MU's progress in NAND in client and enterprise uses, EMC VFCache 2000 IOPS/GB supplier status along with comprehensive memory warrant at least a 1.2x multiple of book value." MU closed at $7.91 a share on Friday.