UPDATE: Stifel Nicolaus Raises PT to $13 on Micron Technology on Elpida Acquisition Estimates

Stifel Nicolaus maintained Micron Technology MU with a Buy rating and raised the price target from $9.00 to $13.00. Stifel Nicolaus said, "We are increasing our 12-month price target for MU shares to $13 from $9 based on our pro forma estimates following the Elpida acquisition. We estimate that Micron's Elpida acquisition can be roughly $0.46 accretive to Micron's FY14 EPS based on what we consider conservative estimates of 5% y/y revenue growth for Elpida products, stable OpEx and 92 yen/dollar. We expect Micron's acquisition of Elpida assets to close in 1HCY13." Micron Technology closed at $8.65 on Wednesday.