Micron Technology (MU) Estimates, PT Lowered to $50 at Mizuho Securities

Mizuho Securities analyst Vijay Rakesh lowered estimates and the price target on Micron Technology (NASDAQ: MU) to $50.00 (from $52.00) while maintaining a Neutral rating.

The analyst commented, "Our recent checks into the supply chain show: 1) demand weak into 2023 with China COVID restrictions impacting retail traffic and logistics from Beijing to Shenzhen/Shanghai to Zhengzhou; 2) inventory at Memory suppliers and Server/Hyperscale customers higher (>8-14 weeks); 3) pricing trending negative, and 4) fab underutilization an added headwind to margins."

Lowering NovQ estimates from $4.29B/$0.05 to $4.17B/($0.03) (cons. $4.19B/$0.03), F23E from $18.8B/($0.28) to $16.9B/($0.77) (cons. $18.4B/$0.23), F24E from $23.8B/$2.44 to $23.2B/$1.67 (cons. $25.9B/$3.70) and F25E from $29.2B/$4.98 to $29.1B/$4.60 (cons. $29.4B/$4.97).

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