UPDATE: Bank of America Raises PT on Micron Technologies After Management Meeting

Bank of America analyst Simon Dong-je Woo published a report on Micron Technologies

that raised the price target from $10 to $11 and reiterated a Buy rating. In the report Bank of America said, "Mgmt has well addressed positive catalysts after Elpida M&A (likely to be completed in a couple of months) driven by yen weakness, PC DRAM supply shortage, and mobile DRAM production expansion. Cost advantage (very low depreciation cost of Hiroshima/Rexchip fabs due to low M&A prices) and better-than-expected new tech deployments (25nm PC DRAM from Rexchip and 30nm mobile DRAM from Hiroshima) should warrant up-cycle level of margins if chip price remains stable." Micron Technologies closed Wednesday at $9.51.