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Credit Suisse Sees 7% Q3 Earnings Beat For Micron Technology, Inc.


Micron Technology, Inc. (NASDAQ: MU) will beat fiscal third-quarter earnings on Thursday with better-than expected pricing trends for its flash and dynamic random access memory computer chips, an analyst said Monday.

Longer term, increasing demand for the Boise, Idaho, chipmakers' DRAM chips should set the stage for significant earnings growth, Credit Suisse' John W. Pitzer said in a note.

With no major supplier planning capacity expansion for 2014, cost cutting will slow down and margins widen throughout the industry, Pitzer said.

For the third quarter, Pitzer expects Micron will beat Wall Street's average earnings estimate by more than 7 percent. But he figures the company will forecast fourth-quarter results in line with current consensus.

The company's shares fell recently on news that Apple hasn't increased the amount of Micron hardware it its latest iPhones. But Pitzer said growing across the board demand for smartphones are a "strong plus" for Micron.

Micron has lagged its peers in recent weeks on worries about pricing trends and competition from Samsung. The recent stock market trend gives Micron a "reason to consider buybacks," according to Pitzer, who rates the shares Out Perform with a $50 target.

Latest Ratings for MU

Apr 2021MizuhoMaintainsBuy
Apr 2021SusquehannaMaintainsPositive
Apr 2021Goldman SachsReiteratesBuy

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