UPDATE: Montrose Securities Color on Micron Technology Rating Adjustment

Montrose Securities, which moved shares of Micron Technology MU from Not Rated to Hold, is providing some color on the stock. “Our fair value for Micron is $11 and is based on a P/BV of 1.1-1.2x one-year forward book value,” Montrose Securities writes. “MU's May quarter should be above consensus. We estimate EPS of $0.19 vs consensus of $0.15. Price declines were less than earlier expected as industry participants stocked up ahead of feared shortages because of the Japanese disasters.” Micron Technology closed Tuesday at $8.14.