UPDATE: Credit Suisse Raises PT on Micron Technology, Wuxi Output Unlikely to Impact Pricing

In a report published Thursday, Credit Suisse analyst John Pitzer increased the price target on Micron Technology Inc. MU from $20 to $25. Pitzer looked directly at the sustainability of current trends in his analysis as “EPS upside is no longer in question, the multiple investors are willing to pay still is.” Credit Suisse noted that the expected return of Wuxi output is unlikely to harshly impact pricing and “significant consolidation and Samsung's share position in handsets bodes well for supply; while multi-core 64-bit mobile processing, in-memory adoption in severs, and data growth in general bodes well for demand.” Pitzer estimated a fair value approaching 10x their earning potential, and thus, raised the PT. Credit Suisse reiterated an Outperform rating. The analyst estimated a F4Q13 revenue of $2.87B versus consensus of $2.86B and EPS at $0.21 versus consensus of $0.26. Micron Technology closed at $17.67 on Wednesday.