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Robbie Stephens Keeps 'Buy' on Micron Technology

Robertson Stephens reiterates his buy rating on Micron Technology (MU).

Analyst Eric Rothdeutsch says second-quarter results are due after the close on March 21. He raised estimates on what he believes will be stable prices over the next few months, and improved pricing in the back half of the year, driven by improved PC demand, further dynamic random access memory (DRAM) industry consolidation and improved supply dynamics. He narrowed the $0.70 fiscal 2002 (Aug.) loss estimate to a $0.34 loss.

Rothdeutsch also raised his $1.20 fiscal 2003 earnings per share (EPS) estimate to $1.60, and says he expects third quarter fiscal 2002 profitability. He believes there's high probability that Micron's acquisition talks with Hynix will come to terms in the next couple of weeks. He reiterates his $43 12-month target.

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