Summit Research: Micron Can't Make Stuff Fast Enough

Summit Research published a bullish report on Micron (NASDAQ: MU), which it maintained at Buy and a $46 price target.

Analyst Srini Sundararajan uses the subtitle: “Can’t Make Stuff Fast Enough” and noted that Micron continues to boost its capital expenditure spending, boosting its 2015 estimate range of $3.6 billion to $4 billion compared to $2.8 billion to $3.2 billion in 2014. Fifty percent is expected to be spent on DRAM, 25 percent on NAND and 25 percent on development of new technologies.

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Regarding NAND technology, the report stated,”Micron will be ready for PRODUCTION of 3D NAND in 2015. CEO Mark Durcan in response to a question indicated that MU’s 3D NAND is every bit (or Gigabit!) as good as Samsung’s (pun intended).”

Despite the bullish report, shares of Micron were last down 1.1 percent to $30.74.