Check out today’s top analyst calls from around Wall Street, compiled by The Fly.
PEAKING INDUSTRY DYNAMICS: Summit Insights analyst Kinngai Chan downgraded Micron (MU) to Hold from Buy. The analyst warned that the favorable memory demand-supply dynamics will peak in the second half of 2021 due to seasonal build and cited changes in inventory management tactics by many of Micron’s customers. DRAM and NAND contract pricing will continue to improve sequentially into the August quarter, but pricing is likely nearing a near-term peak, Chan told investors in a research note.
SHARE UPSIDE: B. Riley analyst Susan Anderson initiated coverage of Bed Bath & Beyond (BBBY) with a Buy rating and $44 price target, which represents 32% potential upside from current levels. The new management team has made “significant improvements” to reduce the cost structure and make necessary investments to elevate the company into a top omni-channel retailer in the bed, bath, and home space, Anderson noted. The analyst believes the stock’s current valuation is “depressed because the Street is not fully accounting for significant margin improvements from management’s initiatives.”
BUY QORVO: Argus analyst Jim Kelleher initiated coverage of Qorvo (QRVO) with a Buy rating and $225 price target. The analyst is positive on the company’s position as a “leading provider” of RF solutions as it leverages its mobility position into diversified end markets. Kelleher added that Qorvo’s experienced management team allows for multiple opportunities ahead in its served markets of mobility, infrastructure and aerospace while noting that its growth opportunities in areas such as IOT and data communication are accelerating.
To see the rest of the story Click Here.