Wedbush Reiterates Outperform on Micron Technology

Wedbush is out with its report today on Micron Technology MU, maintaining Outperform. In a note to clients, Wedbush writes, "We reiterate our OUTPERFORM rating and $15 PT on Micron ahead of its FQ3 (May) results set to be reported AMC on Thursday, June 23. While investor sentiment on semiconductor stocks has considerably waned, we see significant upside to Micron given our belief in its (1) ability to maintain Q/Q profitability, (2) DRAM business that continues to improve through its shift to specialty DRAM away from commodity PC DRAM, (3) CFFO that will likely continue to be robust, and (4) an increased NAND supply from the ramp of Singapore fab, enabling Micron to benefit from improving blended NAND GM and strong seasonal trends from smartphones, tablets, and SSDs, driving Y/Y earnings and revenue growth into FY:12." At the time of posting, shares of MU were trading pre-market at $8.05, up 1.77% from Monday's close.