Citi, Raymond James Slash Micron Price Targets, See 35% - 62% Upside - Micron Technology (NASDAQ:MU)

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.