Micron +4.1%, SanDisk +0.9% on two-notch BofA/Merrill upgrades

|About: Micron Technology Inc. (MU)|By:, SA News Editor

BofA/Merrill has upgraded Micron (MU) and SanDisk (SNDK) to Buy from Underperform. Its Micron PT has been upped by $18 to $40, and its SanDisk PT by $45 to $125.

Analyst Simon Dong-je Woo, who struck a much more cautious stance on Micron in a March note, now thinks "further upside" is likely (in spite of a 33% YTD gain) thanks to solid industry pricing and Micron's cost-competitiveness.

His FY15/16 EPS estimates have been raised by ~50% on average, and he expects a dividend payment by the end of FY15 (ends Aug. '15).

Also: Cresit Suisse has upped its Micron PT by $20 to $50 (a Street high), arguing the memory giant can eventually sustain EPS of $5.

Woo downgraded Micron to Underperform on Dec. 23, when shares were at $22.17.