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Sept. 10, 2019, 9:50 a.m. EDT

Micron's stock gains to buck chip sector's broad selloff after Instinet boosts price target

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By Tomi Kilgore

Shares of Micron Technology Inc. /zigman2/quotes/205710729/composite MU +3.56% rose 0.6% in morning trading Tuesday, bucking the selloff in the broader chip sector and the stock market, after Instinet analyst Weston Twigg boosted his price target to $58 from $45, citing expectations that the memory markets will improve through next year. Meanwhile, the PHLX Semiconductor Index /zigman2/quotes/210598361/realtime SOX +2.22% fell 0.9% with 28 of 30 components losing ground, while the S&P 500 dropped 0.6%. Twigg said he expects both NAND and DRAM memory chip inventories to decline, with NAND pricing likely to steadily increase and DRAM pricing to stabilize, as he is seeing signs of tightening supply. "Barring a recession, we expect memory trends to improve through 2020," Twigg wrote in a note to clients. "[Micron] is well positioned to benefit from long-term drivers related to compute and storage, and we view DRAM, which accounts for roughly 70% of [Micron's] revenue, as a likely healthier market than NAND over the long run due to fewer competitors, high barriers to entry and supply constraints related to scaling limitations."

/zigman2/quotes/205710729/composite
US : U.S.: Nasdaq
$ 46.46
+1.60 +3.56%
Volume: 17.93M
Oct. 15, 2019 4:00p
P/E Ratio
8.49
Dividend Yield
N/A
Market Cap
$49.52 billion
Rev. per Employee
$832,917
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/zigman2/quotes/210598361/realtime
US : Nasdaq
1,625.69
+35.29 +2.22%
Volume: 153,130
Oct. 15, 2019 5:16p
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