Samsung said that memory sales grew 10% from the previous quarter, and 21% from the year-ago quarter to about $6.7 billion. Despite the increased sales the Korean company raised tis 2014 DRAM industry bit supply forecast to low-30% growth from its previous forecast of high-20% growth. Samsung expects its bit growth to be in the high-40% range, up from its previous high-30% range forecast.
Shares of Micron fell following supply forecast hike.
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TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."
Highlights from the analysis by TheStreet Ratings Team goes as follows: