Market Overview

UPDATE: Piper Jaffray Reiterates Micron Technology at Overweight with $12 PT on NAND Strength

Share:
Related MU
5 Trading Ideas Readers Went Nuts For This Week
Worst Performing Industries For February 24, 2015
Seeking Baupost: The Hidden Holdings - Part III (Seeking Alpha)

Piper Jaffray reiterated its Overweight rating and $12 price target on Micron Technology (NASDAQ: MU) following the latest quarterly results.

Piper Jaffray noted, "We expect NAND ASPs to strengthen given increasing mix of SSDs. Overall gross margins were up 40bps q/ q despite a 10% q/q revenue decline. ... While the prognosis for NAND remains robust, we do not see DRAM recovering anytime before C4Q12, as key drivers such as Windows 8 and the subsequent PC refresh cycle gain traction. During the quarter, Micron generated $450m in cash flow from operations with cash in the balance sheet rising to $2.9bn. The stock is trading at <0.8x book value, which we believe is highly discounted given the supply rationalization taking place in both DRAM and NAND, as well as the Elpida acquisition."

Micron Technology closed at $6.01 on Thursday.

Latest Ratings for MU

DateFirmActionFromTo
Feb 2015JefferiesMaintainsBuy
Feb 2015MacquarieUpgradesNeutralOutperform
Jan 2015SusquehannaUpgradesPositiveNeutral

View More Analyst Ratings for MU
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Reiteration Intraday Update Analyst Ratings

 

Related Articles (MU)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→