Micron Technology (MU)

[ciciagt]

Micron feeling bullish, plans to buy back $1 billion of its own stock
http://www.idahostatesman.com/2014/10/27/3451096_micron-to-buy-back-1b-of-its-own.html?sp=/99/1687/&rh=1#storylink=cpy

Micron Technology Inc. announced Monday its plans to buy back $1 billion of its own stock.

“They are confident in their outlook and they think the stock is undervalued,” said Vijay Rakesh, a Chicago-based analyst who follows Micron for Sterne Agee.

Micron has already reduced the potential for share dilution by eliminating about $389 million in convertible debt — debt that can be shares of stock — during its first quarter, which began Aug. 29.

Investors reacted positively to the announcement. Micron stock closed Monday at $32.30, up 3.99 percent or $1.24 a share.

Sterne Agee is forecasting the stock will reach $42 a share over the next 12 months.