UPDATE: Bank of America Reiterates Buy Rating For Micron Technology Comments That Elpida M&A is 'Well Guided'

In a report published on Thursday analysts at Bank of America reiterated its Buy rating and $18 price objective on Micron Technology MU. In the report lead analyst Simon Dong-je Woo commented that, "Management stated that the Elpida acquisition should be closed in 4Q. We already modeled the Elpida merger in early August (one-month impact on 4Q results and then full from FY14). Elpida is expected to generate $4bn in sales and 30% OPM in FY14, coupled with minimal depreciation cost ($0.2bn pa vs. normal $1.0bn) and favorable chip-pricing momentum (peers' low capex, including for Samsung)." Micron is currently down 3.22 percent today and trades at $13.52.