Market Overview

UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Micron Technology

Related MU
Credit Suisse's 4 Tech Stocks To Own (And 4 To Avoid)
Cramer Weighs In On Micron Technology, Sirius XM And CSX
Micron upsizes debt offering to $1B, sets pricing (Seeking Alpha)

In a report published Friday, Citigroup reiterated its Buy rating on Micron Technology (NASDAQ: MU), but slightly lowered its price target from $11.00 to $10.00.

Citigroup noted, “In general, our positive stance on Micron is unchanged post their earnings results. While they posted results below expectations, they suffered from some temporary factors: a NAND production hit (since ameliorated) and the negative impact of Yen hedges (associated with the Elpida transaction). Underlying this, we remain positively disposed to the direction of DRAM prices (the most recent contract negotiations have been upward), reflecting lowered inventory and stabilizing notebook ODM order trends (as we saw in our recent Asia field checks). And while NAND seasonality should not be ignored, the shortening length between consumer product introductions may lessen the seasonal volatility. When then considering the restrained supply addition in both DRAM and NAND set for 2013, we believe memory prices are poised for an upward move upon any positive demand inflection. With Micron trading at 0.97x tangible book value (pre-Elpida), we reiterate our positive stance on the shares.”

Micron Technology closed on Thursday at $6.79.

Latest Ratings for MU

Jan 2015SusquehannaUpgradesPositiveNeutral
Dec 2014NomuraMaintainsBuy
Oct 2014Pacific CrestUpgradesSector PerformOutperform

View More Analyst Ratings for MU
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Analyst Ratings


Related Articles (MU)

Around the Web, We're Loving...

Get Benzinga's Newsletters