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Piper Jaffray reiterated its Overweight rating and $12 price target on Micron Technology
MU following the latest quarterly results.
Piper Jaffray noted, "We expect NAND ASPs to strengthen given increasing mix of SSDs. Overall gross margins were up 40bps q/ q despite a 10% q/q revenue decline. ... While the prognosis for NAND remains robust, we do not see DRAM recovering anytime before C4Q12, as key drivers such as Windows 8 and the subsequent PC refresh cycle gain traction. During the quarter, Micron generated $450m in cash flow from operations with cash in the balance sheet rising to $2.9bn. The stock is trading at <0.8x book value, which we believe is highly discounted given the supply rationalization taking place in both DRAM and NAND, as well as the Elpida acquisition."
Micron Technology closed at $6.01 on Thursday.
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