Citi, Raymond James Slash Micron Price Targets, See 35% - 62% Upside

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  • Two firms slashed their price targets on Micron Technology Inc MU.
  • Citi analyst Christopher Danely lowered the PT to $120 from $135, implying a 62.1% upside, and reiterated a Buy.
  • Danely cut estimates "due to the upcoming DRAM correction." He expects DRAM pricing to decline 5%-10% quarter-over-quarter in Q4, 10% in Q1 of 2022, and slightly in Q2 before recovering in the second half of 2022.
  • The PC end market will lead the correction, and the 10% quarter-over-quarter decline in Q1 will be reflected in buy-side estimates "within a couple of months and mark the bottom in Micron stock."
  • Raymond James analyst Chris Caso lowered the PT to $100 from $120, indicating a 35% upside, and maintained a Strong Buy ahead of August quarter results.
  • Caso thinks weakness in the PC segment as well signaled by Micron management at various investor conferences through the quarter.
  • He still feels demand outside of PC remains healthy and doesn't think the DRAM industry has built excess supply.
  • Price Action: MU shares traded lower by 1.01% at $73.30 in the premarket session on the last check Monday.
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