UPDATE: Wells Fargo Downgrades Micron Technology on Valuation
In a report published Friday, Wells Fargo Securities analyst David Wong downgraded the rating on Micron Technology (NASDAQ: MU) from Market Perform to Undeperform.
In the report, Wells Fargo Securities noted, “With Micron's first report following the Elpida acquisition, we now have a fair amount of information with which to model the effects of the acquisition. Our EPS estimates for Micron rise a fair amount and we are raising our valuation range to $14-17 from $11-14. We are increasing our FY2014 estimate to $1.24 from a prior $1.00 and introducing our FY2015 EPS estimate of $1.30. However, even our new, higher valuation range is below Micron's current stock price and so we are downgrading the stock to Underperform from a prior Market Perform on valuation.”
Micron Technology closed on Thursday at $18.43.
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