UPDATE: Wells Fargo Securities Downgrades Micron Technology to Underperform on Valuation

In a report published Friday, Wells Fargo Securities analyst David Wong downgraded the rating on

from Market Perform to Undeperform. In the report, Wells Fargo Securities noted, “With Micron's first report following the Elpida acquisition, we now have a fair amount of information with which to model the effects of the acquisition. Our EPS estimates for Micron rise a fair amount and we are raising our valuation range to $14-17 from $11-14. We are increasing our FY2014 estimate to $1.24 from a prior $1.00 and introducing our FY2015 EPS estimate of $1.30. However, even our new, higher valuation range is below Micron's current stock price and so we are downgrading the stock to Underperform from a prior Market Perform on valuation.” Micron Technology closed on Thursday at $18.43.