Friday December 21, 05:06 PM
Micron Technology "outperform," target price reduced - update
NEW YORK, December 21 (newratings.com) - Analyst J Pitzer of Credit Suisse maintains his "outperform" rating on Micron Technology (NYSE: MU - news)
(ticker: MU), while reducing his estimates for the company. The target price has been reduced from $17.50 to $10.
In a research note published this morning, the analyst mentions that the company has reported its F1Q revenues ahead of the estimates. Although Micron Technology achieved better-than-expected unit sales in the quarter, its performance was affected by weak pricing, the analysts say. The company was able to reduce its costs despite the ongoing weakness in memory pricing, Credit Suisse adds. The EPS estimates for F2Q and FY08 have been reduced from -$0.30 to -$0.33 and -$0.75 to -$0.91, respectively. © 2007 New Ratings
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