Deutsche Cuts Price Target on Micron (MU), Believes DRAM Market Has Bottomed

Deutsche Bank is maintaining its Hold rating on shares of Micron Technology (NASDAQ: MU) and is lowering its price target from $8 to $7 following the release of its Q1 results.

The firm notes the company's Q1 results were not as bad as they could have been as management sustained solid gross margin despite $44 million in underutilization charges.

Both the firm and management at MU believes the DRAM market has bottomed, but due to trends for next quarter typically being weak the firm remains on the sidelines.

To go inline with the current market conditions and the company's recent performance, Deutsche Bank has reduced its Q2 sales and earnings estimates from $1.9 billion and (-$0.35) to $1.9 billion (-$0.40). For fiscal 2012, the firm cut its estimates from $8.2 billion and ($0.98) to $7.7 billion and ($1.51).

For an analyst ratings summary and ratings history on Micron Technology click here. For more ratings news on Micron Technology click here.

Shares of Micron Technology closed at $5.54 yesterday.

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