Micron Technology (MU) PT Lowered to $57 at RBC Capital

RBC Capital analyst Mitch Steves lowered the price target on Micron Technology (NASDAQ: MU) to $57.00 (from $60.00) after the company reported revenue/EPS of $6.056B/$1.08 vs Street at
$5.89B/$0.98 but offered guidance that was below expectations.

The analyst maintained an Outperform rating, stating "Overall, there were numerous moving parts
including: 1) Micron stopped shipments to Huawei in September 14 (two weeks into Nov-qtr) and guidance assumes no license is granted nearterm, 2) PC demand is healthy (chromebook as an example), however component shortages - not Micron but broadly - are impacting units, 3) Enterprise continues to be weak across the board which includes/isn't limited to O&G, Hospitality, Airlines and Media/Entertainment, 4) Hyperscale/cloud may slow a bit in the next two quarters and ramp in
2HFY21E, and 5) mobile demand is now healthy as supply chain issues caused units to shift a bit as 2020 was down ~10% more than expected due to COVID-19 issues".

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