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Technology Stocks : Micron Only Forum -- Ignore unavailable to you. Want to Upgrade?

To: Yogizuna who wrote (51794)	9/14/2000 1:51:16 PM
From: DJBEINO	Read Replies (2) \| Respond to of 53903

Micron Technology (MU - $66.06 @ 7:45 AM EDT, 9/14/00) 1-1(Outperform-Outperform) Intermediate Target Price: $110 Long Term Target Price: $125 Suitability: Agressive Risk Micron Technology common stock has been under severe pressure the last two weeks (down 25%) as several reports surfaced once again regarding industry demand and average selling prices. We believe that the company has not experienced any decline in its business that had an above average summer with demand likely to pick-up steam in late-September/early-October. We also believe that some inventory has been accumulated by PC OEMs that were only buying product ahead for C3Q00 demand and anticipated higher prices. The PC market should start building momentum the next couple of weeks as we believe the consumer market remains strong. Contract prices remain firm with Micron almost at 100% allocation leading us to view the spot as an inadequate barometer at this juncture. Micron Technology continues to execute in manufacturing and cost during a time where demand is strong and increases in industry output are mainly through incremental shrinks. We believe as the year progresses the supply driven upturn thesis will remain intact since no real new capacity for the year exists, and the seasonally stronger second half emerges with strength from consumer related purchases including the corporate market. We reiterate our 1-1 investment rating. Vincent A. Benedetti