According to Wedbush, Micron Technology MU price target is lowered to $9.
Wedbush said that Micron Technology held its 2011 Summer Analyst Conference yesterday. “Our new 12-month PT of $9 from $12.50 is based upon about 9x (from 10x) our CY:12 EPS estimate of $0.73 (from $1.02) plus $2.30 in cash per share.”
Micron Technology closed yesterday at $5.30.
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