Citi Remains Bullish On Micron Given Bottoming Process Well Underway

Citi Remains Bullish On Micron Given Bottoming Process Well Underway
  • Micron Technology, Inc MU will release 4Q22 results on September 29 after the market close, Citi analyst Christopher Danely highlighted.
  • He expects the company to print and guide below the consensus due to excess DRAM inventory and lower demand. 
  • Also Read: Rosenblatt Sees Micron's 2023 Setup As Positive; Expects Stock Price To Double
  • He expects DRAM pricing to decline until 1Q23, though we expect the downturn offset by Capex cuts which set the DRAM industry up nicely for a rebound in 2023 no matter how lousy demand is. 
  • He trimmed his estimates and reiterated a Buy rating as he believes Micron is exhibiting three signs of a bottom of lower Capex, trough valuation, and most of the downside in consensus estimates. 
  • Price Action: MU shares traded lower by 0.02% at $50.57 on the last check Wednesday.
  • He trimmed his estimates and reiterated a Buy rating as he believes Micron is exhibiting three signs of a bottom of lower Capex, trough valuation, and most of the downside in consensus estimates. 
  • Price Action: MU shares traded lower by 0.02% at $50.57 on the last check Wednesday.

Posted In: BriefsAnalyst ColorNewsReiterationAnalyst RatingsTech