UPDATE: Sterne Agee Raises PT on Micron Technology, DRAM/NAND Continues to Remain Strong

In a report published by Sterne Agee, analyst Vijay Rakesh reiterated his Buy rating and $11 price target on Micron Technology MU. Sterne Agee reported that, “MU reports FebQ on Mar-21 after the close of market. We believe NAND-DRAM pricing trends have been substantial tailwinds versus the guide for the quarter and should drive better earnings upside. Also improving Yen and the DRAM pricing trends mentioned above should drive better earnings leverage through 2013. Not changing our estimates, but we believe an overall better operating environment, tailwinds with Yen, industry consolidation are all driving better earnings, Raising our PT to $11.” Shares of Micron closed at $9.51 on Wednesday.