Micron Technology (MU) PT Lowered to $70 at BMO Capital

BMO Capital analyst Ambrish Srivastava lowered the price target on Micron Technology (NASDAQ: MU) to $70.00 (from $80.00) while maintaining a Outperform rating following earnings.

The analyst commented, "We said heading into earnings that our thesis will be put to a severe test over the next few quarters. Guidance is far below estimates. FCF is going to be a much worse number for F1Q vs. our model, at a burn of $1.5B. On the positive side, Micron is responding proactively and much more aggressively to rein in supply. WFE spending is now expected to be down 50% (overall CapEx down 30%). We are lowering our estimates meaningfully, and lowering our target price to $70 from $80."

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