UPDATE: Stifel Nicolaus Reiterates Buy Rating, Raises PT on Micron Technology Following Report

In a report published Thursday, Stifel Nicolaus analyst Kevin Cassidy reiterated a Buy rating on Micron Technology MU, and raised the price target from $16.00 to $19.00. In the report, Stifel Nicolaus noted, “Following Micron's report, our thesis for owning MU shares remains the same. With limited DRAM and NAND Flash capacity growth, we believe worldwide supply/demand ratios will remain in balance which should lead to rational pricing and increasing gross margins and profits. This scenario played out in the May quarter, leading to Micron's results exceeding our expectations. Based on management's outlook for cost reductions, bit growth and average selling prices, we are lifting our estimates. We have also revised our FY14 non-GAAP EPS accretion estimate for the Elpida acquisition to ~$0.75 from ~$0.46. Based on our higher estimates, we are increasing our 12-month price target to $19 from $16.” Micron Technology closed on Wednesday at $13.97.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetAnalyst RatingsKevin CassidyStifel Nicolaus
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!