CS First Boston reiterated its hold on Micron Technology (MU).
Analyst Tim Mahon says there's been a continued softening spot prices in the DRAM market in the last several weeks. He sees downward pressure on contracts and thinks any duration of spot prices at these levels will find OEMs pushing back on current contracts. He says if end-market demand remains as soft, he wouldn't be surprised to see DRAM accumulate on producers' shelves again. Until he sees substantive, consistent signs of pick-up in end market demand, Mahon believes the stock will likely be limited to a trading range. He sees $0.33 fiscal 2001 (Aug) EPS and $1.51 fiscal 2002.