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Needham analyst Rajvindra Gill maintained a Hold rating on Micron (MU) today. The company’s shares opened today at $41.70.
Gill observed:
“Micron posted solid qrt., but guided lower given the unfavorable pricing environment. Despite a 21% drop in revenue Y/Y, inventory increased significantly with days of inv. rising from 107 to 134. Despite NAND and DRAM pricing being softer than expected in 1H19, MU expects a sharp snapback in 2H19, particularly in DRAM. We are encouraged by MU’s decision to cut NAND and DRAM output by 5% in FY19. However, we remain on the sidelines as we believe the recent run-up in the shares is already discounting a significant snapback in 2H19.”
According to TipRanks.com, Gill is a 5-star analyst with an average return of 10.4% and a 55.2% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Smart Global Holdings Inc, and Everspin Technologies Inc.
Micron has an analyst consensus of Moderate Buy, with a price target consensus of $46.75, a 12.1% upside from current levels. In a report issued on March 15, Cross Research also downgraded the stock to Hold.
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The company has a one-year high of $64.66 and a one-year low of $28.39. Currently, Micron has an average volume of 33.06M.
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Micron Technology, Inc. engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU).
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