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16/05/2018 21:05:23
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ANALYSE/RBC: Micron ein attraktiver Weg um am Speichermarkt zu partizipieren


NEW YORK (dpa-AFX) - Das kanadische Analysehaus RBC Capital sieht in Micron Technology eine attraktive Anlagemöglichkeit für Speichertechnologien. Laut Amit Daryanani handelt es sich bei den Aktien um eine einzigartige Gelegenheit, um in die DRAM- und NAND-Märkte zu investieren. Er beurteilte sie deshalb in einer Ersteinschätzung am Mittwoch mit dem Votum "Outperform" und einem Kursziel von 80 US-Dollar, was etwa 40 Prozent über dem aktuellen Kurs von 56,43 Dollar liegt.

Laut dem Experten sind die Sorgen, die sich der Markt um den Zyklus bei dem Speicherproduzenten macht, übertrieben. Er lobte die Marktpositionierung, die es Micron erlaube, selbst in konjunkturellen Abwärtszyklen immer noch Gewinne und einen positiven Free Cashflow zu erwirtschaften.

Diese Erwartung baue darauf, dass die Geschäfte mit DRAM-Chips und den auf NAND-Technik basierenden Flash-Speichern anders gestrickt seien als andere Marktsegmente. So erschwere eine kapitalintensive Produktion den Zugang, und die Anzahl der Wettbewerber sei in den vergangenen 20 Jahren deutlich von ehemals 15 auf nur noch 3 zurückgegangen.

Daryanani schätzt, dass Micron auf mittlere Sicht im Schnitt einen jährlichen Gewinn von 8 Dollar je Aktie schreiben wird. In guten Zeiten hält er bis zu 14 Dollar für möglich, in schlechten immerhin 2 Dollar je Aktie. Sein Kursziel leitet er vom 10-fachen dieser durchschnittlichen mittelfristigen Gewinnerwartung ab.

Mit der Einstufung "Outperform" rechnen die Analysten von RBC Capital auf Sicht von zwölf Monaten damit, dass sich die Aktien deutlich besser als der Branchendurchschnitt entwickeln./tih/he

Analysierendes Institut RBC Capital.

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