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Non-Tech : Invest / LTD

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To: SJS who wrote (7341)	2/11/1999 2:07:00 PM
From: drsvelte	Read Replies (1) of 14427

From DLJ MICRON TECHNOLOGY (MU: $72.81)# 02/09/99 Initiating Coverage with Market Perform Rating Earnings Per Share Old New P/E Ratios (FY:Aug.) 2000E $ $3.70 19.7 1999E 0.45 161.8 1998E (0.76) NM Rating: MARKET PERF. Change: None 12-Mo. Target: $90 We believe that a DRAM market recovery has begun, which has positive implications for Micron earnings. Recent price firmness in the DRAM market continues due to strong PC demand driving high bit consumption and absorption of excess capacity, aggravated by the recent LG Semicon strike. We believe Micron stock will eventually reach significantly higher levels as the cyclical recovery progresses. However, at its current price, the stock already assumes that we are well into a cyclical DRAM recovery, and does not discount any of the potential risk factors that lie ahead in 1999. We initiate coverage with a Market Perform rating based on valuation. We would look for a pull-back in the stock or strengthening fundamentals to upgrade our opinion. I just put a small limit short in at 67 7/8. Have only shorted one other stock since November (SCI). Can someone hold my cyber-hand! EDIT - short executed @68

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