UPDATE: Wedbush Securities Reiterates Outperform Rating, Raises PT on Micron Technology
In a report published Wednesday, Wedbush Securities reiterated its Outperform rating on Micron Technology (NASDAQ: MU), and raised its price target from $8.00 to $10.00.
Wedbush Securities noted, “What happened? We came away from our meeting yesterday at the Consumer Electronics Show (CES) in Las Vegas, NV with Kipp Bedard, Micron's VP of IR incrementally more positive that the DRAM industry's recovery is firmly underway and, despite the typical seasonal slowdown in NAND demand, the supply/demand environment appears to remain in balance. We reiterate our OUTPERFORM rating and recommend investors continue to add to positions as we believe the worst is over, with Micron poised for a return to profitability in CY 2013 as it benefits from (1) recovery in the DRAM market, (2) favorable NAND supply/demand environment, and (3) improved operational efficiencies from the pending acquisition of Elpida.”
Micron Technology closed on Tuesday at $7.23.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Wedbush Securities