MU Rebought into a full position in this one in the 28.40s. Was hoping to pick it up lower but the stock is holding firm in the 28s after that blow out guidance last week. Look how much analyst estimates have risen since before last weeks PR and CC:
Q3 17: $1.47 vs 88c Q4 17: $1.51 vs 96c Yr 2017 (ends 8/17): $4.28 vs $3.02 Yr 2018: $4.93 vs $3.49 (analyst estimates were only $2.77 60 days ago)
Along with this, Dram prices are continuing to rise and Nand prices are also heading up making it likely that MU will beat estimates again. Prices are expected to continue to rise this year with high demand and limited increases in supply.
Put a 9 PE onto this one and that gives it a target of $39-$44.
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