Yup...this one done by JMP Securities. Downgrade from Market Outperform to Market Perform (whatever THAT means - don't'cha just love these ratings systems? Who in the hell devised these things?). Interesting the news also states they "removed the price target of $10." Now what does that mean? What's their new target? Or do they not have one now? In any case I look for some downside mischief to occur at open after which.....?
It means they don't know what the heck they are talking about. They have no idea how to value this company. The Elpida deal is getting cheaper by the day thanks to BOJ, the memory market is looking better and better as time goes along, and I think even the high estimates on this stock are too low. I have been in this thing for a long time and one thing about Micron is they always either miss or beat by a WIDE margin because it is just too hard for analysts to pin this thing down. When things are bad, they are really bad as we have seen over the last year or two. But when things get going it wouldn't surprise me if they beat earnings estimates by over 100% some quarters, just the way it is with this company. By the way MU up fractionally so far this AM on downgrade.