Micron Technology (MU)

[chmcnfunds]

Micron -2.2% on Goldman downgrade; Cowen starts at Outperform

Jun 22 2015, 08:29 ET | About:

Micron Technology Inc. (MU) | By: Eric Jhonsa, SA News Editor Contact this editor with comments or a news tip

The Micron (NASDAQ:MU) analyst wars continue: 3 days after Topeka upgraded to Buy, Goldman's Mark Delaney has joined Morgan Stanley and Drexel Hamilton in downgrading to a bearish rating ahead of earnings. Much like bearish peers, Delaney (Sell, $19 target) expects rising DRAM supplies to yield ASP/margin contraction.Separately, Cowen's Tim Arcuri has launched coverage on the memory giant with an Outperform rating and $34 target. Arcuri: "While [near-term] risk around PCs remains high, MU is still in very early innings of a multi-year transformation with respect to execution, partnerships, and market dynamics. We see more upside, sustainability, and optionality to margins vs most peers - certainly in memory - yet stock still carries big discount."Micron has fallen to $23.94 premarket. The 52-week low is $23.70.
_____________________________________

http://seekingalpha.com/news/2592555-micron-minus-2_2-percent-on-goldman-downgrade-cowen-starts-at-outperform?uprof=46#email_link

MU