Micron Prices $1 Billion Offering of 5.25% Senior Notes

Micron Technology, Inc., (Nasdaq:MU) today announced the pricing of an offering of $1 billion aggregate principal amount of its 5.25% senior notes due 2023 (the “Notes”). The Notes are being offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The sale of the Notes is expected to close on February 3, 2015, subject to the satisfaction of customary closing conditions. Interest on the Notes will accrue at a rate of 5.25% per year, and will be payable in cash semi-annually in arrears, beginning on August 1, 2015… Read more ยป

Shares of Micron Technology closed yesterday at $29.71 . MU has a 1-year high of $36.59 and a 1-year low of $21.02. The stock’s 50-day moving average is $32.63 and it’s 200-day moving average is $32.51.

On the ratings front, Micron has been the subject of a number of recent research reports. In a report issued on January 20, Susquehanna analyst Mehdi Hosseini upgraded MU to Buy, with a price target of $38, which implies an upside of 27.9% from current levels. Separately, on January 13, Needham’s Rajvindra Gill reiterated a Buy rating on the stock and has a price target of $60.

In total, one research analyst has rated the stock with a Sell rating, 3 research analysts have assigned a Hold rating and 15 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $29.71 which is 41.6% above where the stock closed yesterday.

Micron Technology Inc is a manufacturer and marketer of DRAM, NAND Flash memory, CMOS image sensors and other semiconductor components. It has two segments, Memory and Imaging.

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