Snapshot at Micron's Guidance Beats and Progress on Inotera Transaction

Can Micron/Inotera Merger Deal to Be Closed Before Oct 18 After Micron CEO Visit?

Inotera/Micron: Worst Days Look To Be Over

Leading Independent Investment Research, Morningstar, Inc.

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Equity Bottom-Up

Over the past year, Micron has faced both a series of technology transitions and a cyclical downturn driven primarily by weak DRAM memory prices, heavily influenced by declining PC sales. Shares fell below the $10 threshold in May, but have recovered nicely as these headwinds have started to dissipate. Yet we still see further upside from here, as we remain positive on Micron’s long-term prospects in the NAND storage segment.The industry is currently shifting from a predominantly 2D NAND to an increasingly 3D NAND marketplace, which ultimately offers superior performance and cost metrics. Given our expectations for increasing storage demand, such as in high-end smartphones, we believe Micron is well positioned to benefit from the rising tide set to occur. Coupled with increased adoption of solid-state-drives (SSDs) in lieu of hard-disk-drives (HDDs) for the storage needs of PCs and servers, Micron and its peers should enjoy healthy demand going forward. Furthermore, we see the potential for Micron to gain share as it emerges as the second provider of 3D NAND to the market. We reiterate our view that the market is overly focused on the near-term picture for this no-moat memory provider, and we continue to see a sufficient margin of safety for prospective long-term investors.Analyst: Abhinav Davuluri

Over the past year, Micron has faced both a series of technology transitions and a cyclical downturn driven primarily by weak DRAM memory prices, heavily influenced by declining PC sales. Shares fell below the $10 threshold in May, but have recovered nicely as these headwinds have started to dissipate. Yet we still see further upside from here, as we remain positive on Micron’s long-term prospects in the NAND storage segment.The industry is currently shifting from a predominantly 2D NAND to an increasingly 3D NAND marketplace, which ultimately offers superior performance and cost metrics. Given our expectations for increasing storage demand, such as in high-end smartphones, we believe Micron is well positioned to benefit from the rising tide set to occur. Coupled with increased adoption of solid-state-drives (SSDs) in lieu of hard-disk-drives (HDDs) for the storage needs of PCs and servers, Micron and its peers should enjoy healthy demand going forward. Furthermore, we see the potential for Micron to gain share as it emerges as the second provider of 3D NAND to the market. We reiterate our view that the market is overly focused on the near-term picture for this no-moat memory provider, and we continue to see a sufficient margin of safety for prospective long-term investors.Analyst: Abhinav Davuluri 

We Don't Need Special Glasses to See Micron's 3D NAND Opportunity

Micron Technology

We Don't Need Special Glasses to See Micron's 3D NAND Opportunity