Micron Technology : Today’s Research Reports on Stocks to Watch: Micron Technology and Broadcom Limited
NEW YORK, NY / ACCESSWIRE / November 29, 2017 / Micron Technology closed down modestly yesterday after seeing a big loss on Monday after a Morgan Stanley analyst cautioned about falling NAND flash prices. Yesterday a Baird Equity analyst, however, raised his price target on the stock citing growing DRAM pricing. Shares of Broadcom also saw red yesterday. The company is continuing its efforts for a Qualcomm takeover and a report indicated the company has finalized its selection of candidates to join Qualcomm's board of directors.
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Micron Technology, Inc.
Micron Technology, Inc. shares closed down a modest 0.25% yesterday on about 30.6 million shares traded. Though the close was modest, it was an optimistic day for the stock after it received an "outperform" rating from analyst Tristan Gerra from Baird Equity with a raised price target. Gerra has upped his price target from $52 to $60 on the stock. According to Gerra, DRAM pricing should move higher in the fourth quarter by a single digit rate due to mobile and data centers. He wrote, "DRAM inventories are very low at system makers, both in the server and PC supply chains. Pricing could be up slightly in 1Q sequentially, driven by supply chain attempts to rebuild inventories." It was on Monday that Micron traders were worried after Morgan Stanley warned of falling NAND flash prices. Stifel Nicolaus analyst Kevin Cassidy however later in the day said that the declining prices were nothing to be worried about. He has a $55 price target on Micron.
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Broadcom Limited shares closed down 2.54% yesterday on nearly 2.7 million shares traded. It was reported yesterday that the company is now finalizing its selection of candidates to join Qualcomm's board of directors. Broadcom made a $130 billion offer for the company earlier this month that was rejected. Broadcom's CEO Hock Tan has said that he "remains fully committed" to acquiring Qualcomm. According to sources who spoke to CNBC, the company may be ready to unveil the list of replacements next week. The deadline to nominate individuals is December 8th and Qualcomm has 11 directors. Reuters previously reported that Broadcom will be allowed to vote for that slate at a shareholder meeting next March. The two companies are two of the biggest chipmakers for mobile phones in the world.
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