Analysts Trimmed Price Targets Up To 11% On Micron Post Guidance Revision
Micron Technology, Inc (NASDAQ: MU) cut its Q4 outlook to reflect declining bit demand growth for DRAM and NAND amid macro uncertainties and supply chain constraints.
Citigroup analyst Christopher Danely maintained Micron with a Buy and lowered the price target from $80 to $75 to reflect three signs of a bottom of lower capex, trading near trough valuation, and having most of the downside in consensus. The guidance cut did not surprise him.
He noted that Micron has been a leading indicator of the downturn this year and continues to expect a correction in the auto and industrial end markets. He believes every company will lower guidance due to the recession.
Also Read: Nvidia Price Target Slashed By As Much As 33% Following Downward Revision In Outlook
Mizuho analyst Vijay Rakesh reiterated Micron with a Buy and cut the price target from $84 to $75, given near-term headwinds but OEMs maintaining supply discipline.
He believed Micron's significant cuts are behind though macro weakness remains a headwind.
Rosenblatt analyst Hans Mosesmann reiterated a Buy and $100 PT.
He believed it suggested a significant kitchen sink dynamic and management's actions on the CapEx side to provide a setup for calendar 2023 for DRAM and NAND bit supply growth to meaningfully below average demand bit growth of high teens and mid-to-high 20's respectively.
Price Action: MU shares closed higher by 3.80% at $61.40 on Wednesday.
Latest Ratings for MU
Date | Firm | Action | From | To |
---|---|---|---|---|
Feb 2022 | Wedbush | Upgrades | Neutral | Outperform |
Jan 2022 | Goldman Sachs | Maintains | Buy | |
Jan 2022 | New Street Research | Initiates Coverage On | Buy |
View More Analyst Ratings for MU
View the Latest Analyst Ratings
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