Micron Technology (MU) PT Lowered to $140 at Needham

Needham analyst N. Quinn Bolton lowered the price target on Micron Technology (NASDAQ: MU) to $140.00 (from $150.00) while maintaining a Buy rating.

The analyst comments "At Needham's 5th Annual Virtual Semiconductor and SemiCap 1x1 Conference, Micron reiterated comments made recently at a competitor's conference that bit shipments across DRAM and NAND would be approximately flat Q/Q in F1Q25 (November) and that gross margin would increase by ~200bps Q/Q in F1Q25. The bit shipment commentary is incrementally more cautious than guidance given on the F3Q24 (May) earnings call for bit shipments to strengthen modestly in F1Q25 from flat for DRAM and up slightly for NAND in F4Q24 (August). Management also stated the company is walking away from near-term deals where pricing is aggressive and that client demand has moderated given inventory builds earlier this year. As a result, we now believe there is risk to November consensus estimates and are reducing our forward estimates and PT to $140 from $150."

You May Also Be Interested In

• Fed's Daly: things are balance, economy in a good place, concerns about tariffs not as large - CNBC interview
• Apple (AAPL) executives have talked about acquiring Perplexity AI - Bloomberg
• ConAgra (CAG) PT Lowered to $20.50 at TD Cowen, Reflecting Estimates Cut