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Technology Stocks : Micron Only Forum
MU 237.94-0.2%Nov 7 9:30 AM EST
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To: ild who wrote (53622)3/24/2002 3:51:21 PM
From: cordob  Read Replies (1) of 53903
 
Ild, as promised I checked the older reports, but they only go back to august28 last year unfortunately. From what I read below I have a feeling they may not have taken the buy off since 1999, but I cannot be sure. I sold before the $ 75 target was reached.

I see a buy with target $ 36 at $ 22.30 on sept.26,2001. (not bad)

We are revising our FY02 revenue and EPS estimates to $1.985 billion and $(1.10), from $4 billion and $0.15. We are also taking down our FY03 revenue and EPS estimates to $5 billion and $0.85. Our estimates do not include potential future inventory write downs, as this would add what tends to be a rather arbitrary element to the earnings model. We are modeling for blended ASPs in FY02 to be around $1.80 with YoY bit shipment growth in the mid-40% range versus our previous model of around $3.70 blended ASPs and YoY bit growth of 50%.

....
We are also lowering our price target to $36 from $75 based on what we consider to be a reasonable 3 times book value, which assumes a more moderate cyclical recovery, rather than the more aggressive price to book valuations we have seen in recent up-cycles. Maintain Buy rating.

These considerable reductions in revenue and eps are there.

Cheers
Cor
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