UPDATE: Stifel Reiterates Buy Rating, Raises PT on Micron Technology Following Summer Analyst Conference

In a report published Monday, Stifel analyst Kevin Cassidy reiterated a Buy rating on Micron Technology MU, and raised the price target from $19.00 to $20.00. In the report, Stifel noted, “We are coming away from the Micron 2013 Summer Analyst Conference with higher conviction that Micron's Elpida acquisition will permanently change the memory industry toward more rational capacity increases, sustained profitability and dampening supply/demand cycles. In our view, these industry changes started a few years ago but can be more recognizable in the coming quarters if capacity increases slow, end demand/applications become more diversified and memory devices become differentiated. Considering this combination, in our view, points toward potential for increasing profitability, we view the combined company's shares as a good value trading today at roughly 1x forward revenue versus a peer group trading at 2x forward revenue.” Micron Technology closed on Friday at $13.99.