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 (NASDAQ: MU) 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.
Latest Ratings for MU
|Jul 2015||Morgan Stanley||Upgrades||Underweight||Equal-weight|
|Jun 2015||Standpoint Research||Initiates Coverage on||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.