UPDATE: Sterne Agee Lowers PT on Micron Technology to $14

Sterne Agee is out with its report today on Micron Technology MU, lowering its PT to $14 from $17. In its report, Sterne Agee writes, "We are tweaking our F4Q11E(Aug) from prior $2.17B/$0.12 to $2.17B/$0.07, modeling GMs down to 21% from prior 22.3%. Also lowering F12E from prior $9.6B/$0.93 to $9.6B/$0.64, flattish margins. Introducing F13E at $11.4B/$1.00. We are adjusting our PT from $17 to $14, 1.4x revised TBV of $10." Sterne Agee maintains Buy on MU. Shares of MU closed Wednesday at $5.30.