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20.09.2019 20:44:21

Micron's stock target raised at J.P. Morgan citing improving pricing, demand environment

Shares of Micron Technology Inc. fell 0.8% in afternoon trading Friday, but outperformed the broader semiconductor sector, after J.P. Morgan analyst Harlan Sur said he was now more bullish on the memory chip maker, citing improving NAND pricing and recovering DRAM pricing. The PHLX Semiconductor Index fell 1.2%. Sur affirmed the overweight rating he's had on the stock for at least the past three years, but raised his price target by 30% to $65 and nearly doubled his fiscal 2020 adjusted earnings-per-share estimate to $2.60 from $1.34. Micron is scheduled to report fiscal fourth-quarter results after the Sept. 26 close. Sur said he expects Micron to report EPS, revenue and gross margin above the midpoint of guidance as NAND pricing during the quarter was better than prior expectations. "Despite macro/trade concerns, the demand environment is improving on inflecting cloud data spending, strong gaming demand and seasonal PC and smartphone demand," Sur wrote in a note to clients. Micron's stock has soared 55.6% year to date, while the chip-sector index has rallied 36.1% and the S&P 500 has gained 19.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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A&T Corp 1'158.00 2.84% A&T Corp
J-Holdings Corp 418.00 -0.48% J-Holdings Corp

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