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.
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