Micron Technology, Inc. (MU) Bullish Stance Reiterated at Roth Capital Following 2Q:15 Results
In a research report published Thursday, Roth Capital analyst Krishna Shankar reiterated a Buy rating on Micron Technology, Inc. (NASDAQ:MU) with a $40 price target, after the company announced results of operations for its second quarter of fiscal 2015, posting revenue/GAAP EPS results of $4.17 billion/$0.78 versus Shankar's $4.19 billion/$0.67 estimate. Shares of Micron closed today at $26.72, down $0.41 of 1.51%.
Shankar noted, "We continue to be positive longer-term on 2015/2016 DRAM and NAND flash pricing and demand due to industry consolidation and muted capacity additions. We view Micron's focus on higher-margin server, networking, mobile DRAM and 3-D NAND flash as a positive."
Furthermore, "We believe that NAND pricing will be stable driven by new smartphone and tablet demand, coupled with strong demand for SSD drives. Micron estimates that it may be able to outpace industry NAND bit supply growth of 35 to 40% in 2013 through rapid ramp of 20nm technology and incremental capacity additions."
According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Krishna Shankar has a total average return of 5.2% and a 51.8% success rate. Shankar has a 62.1% average return when recommending MU, and is ranked #1048 out of 3564 analysts.