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Bank of America maintains its Buy rating on Micron Technology
MU and lowers its price objective to $8 from $9.30 per share to reflect muted DRAM momentum.
BofA says, "Our revisions are mostly on worse-than-expected DRAM pricing momentum, but this is already well known, as is a deep downturn in the spot market (lower ASP/margins). However, our new forecasts still show solid EBITDA margins (37/39% in FY12-13E); no cash burn, unlike the previous cyclical downturn. NAND
estimate changes are marginal, and we still expect over 10% OPM."
MU closed at 5.55 per share on Thursday.
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