Oppenheimer Initiates Coverage On Micron Technology

Oppenheimer & Co. is out with a research report on Micron Technology MU and is initiating coverage with a Perform rating and a $9 price target. In a note to clients, Oppenheimer & Co. writes, "We are initiating coverage on Micron with a Perform rating and a price target of $9. On NAND flash, Micron is at the forefront of technology but lacks scale while in DRAM, though it has ample capacity, it lags in technology. Micron's products run the entire gamut of memory devices -DRAM, NAND, NOR flash, and NOR replacement PCM memory. Rare for companies in memory, Micron has net cash." Shares of MU are up 10 cents to $6.50.