UPDATE: Jefferies Reiterates Raises PT on Micron Technology on Stable Pricing

In a report published Monday, Jefferies analyst Sundeep Bajikar reiterated a Buy rating on Micron Technology MU, and raised the price target from $15.00 to $18.00.

In the report, Jefferies noted, “Moore Stress has led to DRAM prices ~2X higher and NAND prices ~40% higher from their 2H12 troughs, bucking seasonal 1H demand weakness. We expect stable pricing to continue. With evidence of continued execution we think the valuation basis for MU stock is likely to shift to P/E, from EV/S or P/B now. We expect a strong CQ2 report and CQ3 guidance, particularly in DRAM. Reit Buy, raise PT to $18 (from $15).”

Micron Technology closed on Friday at $12.76.