Auriga reiterates a 'Buy' rating and $13 price target on Micron Technologies (NYSE: MU). The firm cites the stock is 36% off its 52 week high and trading at book value.
An Auriga analyst says, "MU is unlikely to burn cash over the next few years -- we thus see valuation support at current levels, and upside to the low-teens based on cash flow metrics. Commentary from Samsung and decelerating PC build plans will likely weigh on the stock, but we see enough company-specific positives to offset the negatives."
FY10E revenue/pro-forma EPS goes from $8.67bln/$1.42 to $8.65bln/$1.42 (consensus $8.7bln/$1.48); FY11E moves from $10.5bln/ $1.84 to $10.3bln/$1.82 (cons. $11.3bln/$1.81); FY12E goes from $9.5bln/$1.74 to $9.4bln/$1.74 (cons. $11.3bln/$1.63).