Deutsche Bank Lowers Price Target On Micron Tech To $8

According to Deutsche Bank, Micron Technology MU expects DRAM to represent only 38% of revenue in F4Q11, down from 50% in the year ago period. Deutsche Bank said that thanks to continued output growth from Singapore and relatively benign pricing NAND is likely to comprise 40% of total revenue, up from 30% in the year ago period and eclipsing DRAM for the first time. “Micron has clearly diversified its business away from commodity DRAM and is better positioned for a downturn, however a downturn is likely to lower book value and therefore we maintain Hold rating and lower P/T to $8.” Micron Technology closed yesterday at $5.30.