UPDATE: Topeka Capital Markets Initiates Coverage on Micron Technology with Hold Rating, $10 PT Awaiting Stock Pullback

In a report published Monday, Topeka Capital Markets analyst Suji De Silva initiated coverage on Micron Technology

with a Hold rating and $10.00 price target. In the report, De Silva noted, “We are initiating coverage of Micron Technologies Inc. at Hold with a $10.00 price target. While MU has several positive trends unfolding, including growth in NAND solid-state drives, specialty server/networking memory and improving DRAM economics from the Elpida acquisition, we believe these factors are embedded in the 50% stock run-up year-to-date. At this time, we would wait for a stock pullback to provide a more favorable entry point.” Micron Technology closed on Friday at $9.63.