Micron price target raised to $60 from $45 at Baird

Baird analyst Tristan Gerra raised the firm’s price target on Micron to $60 from $45 and keeps a Neutral rating on the shares. The analyst said the the quarter is troughing on various metrics including gross margin and magnitude of inventory write downs, while bit shipments resumed growth, as Micron took aggressive action with capex and utilization rate reductions along with further opex cuts. Baird noted Micron is trading at a 40% premium to tangible book value, while odds of a recession are rising.