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UPDATE: Bank of America Reiterates on Micron Technology on Multiple Concerns

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In a report published Friday, Bank of America analyst Simon Dong-je Woo reiterated an Underperform rating on Micron Technology (NASDAQ: MU), but lowered the price target from $19.50 to $19.10.

In the report, Bank of America noted, “Our Underperform rating (vs. a Buy until 21 Nov 2013) is based on a massive stock rally exceeding our up-cycle fair value (as of 19 Dec), a bigger threat from competitors' (Hynix's new fab plan, etc.) and weaker-than-expected chip prices (led by NAND). We also worry about the greater downside to DRAM spot and execution risk for new tech deployment (2xnm inferior to Korean peers). We disagree with the bullish consensus, as EPS growth is unlikely to be strong once it hits $2.”

Micron Technology closed on Thursday at $22.24.

Latest Ratings for MU

DateFirmActionFromTo
May 2016BernsteinMaintainsMarket Perform
Apr 2016Pacific CrestAssumesOverweightSector Weight
Apr 2016Brean CapitalInitiates Coverage onBuy

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Posted-In: Bank of America Simon Dong-je WooAnalyst Color Price Target Analyst Ratings

 

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