UPDATE: Piper Jaffray Reiterates Overweight on Micron Technology Ahead of Earnings

In a report published by Piper Jaffray, analyst Jagadish Iyer reiterated an Overweight rating and $11 price target on Micron Technology

. Piper Jaffray reported that, “Micron reports its FQ2'13 earnings today after market close. We estimate revenues to be flat q/q at $1.83bn (cons. $1.92bn) as we believe both DRAM and NAND bit shipments likely moderated despite positive pricing for both. DRAM spot prices were up 30% q/q (Micron sells 10% to 15% of bits in spot through the channel) as industry wide DRAM capacity remains constrained. In the case of NAND, we believe pricing was up 3% q/q (guidance high single digit q/q decline) as the company ramped 20nm in its IM Flash facilities. We expect Micron to provide an improving outlook as pricing for both DRAM and NAND improves along with bit shipments. We remain upbeat that, longer term, the Elpida acquisition would be accretive.” Shares of Micron Technology closed at $9.31 on Wednesday.