In a report published on Thursday analysts at Bank of America reiterated its Buy rating and $18 price objective on Micron Technology MU.
In the report lead analyst Simon Dong-je Woo commented that, "Management stated that the Elpida acquisition should be closed in 4Q. We already modeled the Elpida merger in early August (one-month impact on 4Q results and then full from FY14). Elpida is expected to generate $4bn in sales and 30% OPM in FY14, coupled with minimal depreciation cost ($0.2bn pa vs. normal $1.0bn) and favorable chip-pricing momentum (peers' low capex, including for Samsung)."
Micron is currently down 3.22 percent today and trades at $13.52.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
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!
Already a member?Sign in