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Amid persisting structural and cyclical challenges in the memory market, Micron Technology, Inc. (NASDAQ: MU) has plans to downsize by consolidating projects and facilities, halting new hiring and reducing personnel, Argus’ Jim Kelleher said in a report. He maintained a Buy rating for the company, with a price target of $22.
Although Micron Technology reported its 3Q16 top-line short of consensus expectations, it was able to generate sequential revenue growth for the first time since 1Q15, analyst Jim Kelleher pointed out. Revenues declined 25 percent on a y/y basis.
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“The DRAM business continues to weigh on Micron’s longer-term performance, although DRAM actually outperformed NAND in 3Q16 based on non-PC demand. The transition to 3D form factors along with uneven demand is impacting the NAND business,” Kelleher wrote.
Delayed Deal Is Good News
Micron Technology announced in June that there would be a delay in acquiring the remaining portion of Inotera. The analyst commented that the delay made sense. “Given the continuing weakness in DRAM market conditions, Micron should feel no urgency to close this deal unless it can do so on more favorable terms.”
Stock For The Brave Hearted?
Micron Technology is likely to continue to witness weak pricing and soft demand for DRAM. The NAND business could exhibit “more than seasonal strength into calendar year-end,” Kelleher added.
Despite the challenges, the stock continues to be “a deep-value idea in Argus technology coverage,” the analyst wrote, while adding that it was recommended for “risk-tolerant investors,” who were “aware of the risks of investing in a beaten-down stock.”
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.