UPDATE: Bank of America Raises PT on Micron Technology on Greater Expected Momentum

In a report published Friday, Bank of America analyst Simon Dong-je Woo reiterated a Buy rating on Micron Technology

, and raised the price target from $11.00 to $13.00. In the report, Woo noted, “We reiterate our Buy on Micron with a new, higher PO of $13.0 ($11.0 previously); implied P/B / P/E based on FY14E: only 1.4x/6.9x. Management's new guidance (cost competiveness post Elpida M&A) and more favorable chip price (PC DRAM spot already doubled) confirm up-cycle earnings, in our view. Our newly raised EPS (+12%) for FY14-15 at higher ASP/margin is c.2x higher than consensus – market seems to have not well reflected new structural changes (spot rally, chip supply constraints, Elpida theme, etc). Micron's low P/B vs Asian peers (1.2x vs about 2x) may also be a catalyst for a further share price rally.” Micron Technology closed on Thursday at $9.07.