UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Micron Technology

In a report published Friday, Jefferies & Company reiterated its Buy rating on Micron Technology

, but slightly lowered its price target from $11.00 to $10.00. Jefferies noted, “CQ3 results missed Street expectations, and we lowered our estimates, but we like the risk/reward on MU for 3 reasons: 1) NAND ASPs are increasing, and MU is growing SSD revs, 2) PC-driven DRAM weakness is baked in but potential Ultrabook+Win8-driven sentiment inflection is not, and 3) we expect Elpida deal closing to be viewed positively. At EV/S of ~0.8x, we see low downside risk. Reit. Buy with $10 PT.” Micron Technology closed on Thursday at $6.02.