UPDATE: Wedbush Raises PT to $11 on Micron Technology Ahead of Earnings

Wedbush maintained Micron Technology MU with an Outperform rating and raised the price target from $10.00 to $11.00. Wedbush analyst Betsy Van Hees commented, "We are lowering our FQ2 GAAP EPS estimate to a loss of $0.25 a share from a loss of $0.21 as we expect a messy quarter of higher OpEx and equity losses and adjusting our revenue to $1.90B from $1.89B vs. the Street (-$0.20/$1.92B) as we believe better pricing is being somewhat offset by muted seasonal demand, particularly PC DRAM and NOR flash. Although MU doesn't provide formal guidance, we look for MU to be upbeat on quarter-to-date improvements in memory pricing and favorable supply/demand trends for CY:13." Micron Technology closed at $9.37 on Friday.