Tuesday, October 28, 2014 9:42:18 AM
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.
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