Monday December 24, 12:12 PM
Micron Technology "buy," target price reduced
NEW YORK, December 24 (newratings.com) - Analyst Daniel Amir of Lazard Capital reiterates his "buy" rating on Micron Technology Inc (NYSE: MU - news)
(ticker: MU), while reducing his estimates for the company. The 12-month target price has been reduced from $14 to $12.
In a research note published this morning, the analyst mentions that the company has posted its F1Q08 revenues and EPS short of the estimates. Micron Technology's gross margins were significantly short of the estimates due to high pricing pressure, the analyst says. Although Micron Technology's outlook on DRAM demand continues to be bright, DRAM and NAND ASPs are likely to decline further in the next quarter, Lazard Capital adds. The EPS estimate for FY08 has been reduced from -$0.15 to -$0.69.
© 2007 New Ratings
Click here for more articles from NewRatings.com
|
|
|
Send Article by Email