Micron Technology (MU) PT Lowered to $80 at Needham & Company

Needham & Company analyst, Rajvindra Gill, lowered the price target on Micron Technology (NASDAQ: MU) to $80.00 (from $100.00) while maintaining a Strong Buy rating following the company's guidance. MU guided gross margins to decline Q/Q due to the Chinese tariffs and some inventory adjustments at a specific customer. Gill believes it will take 3-4 qrts for MU to resolve the issue.

MU guided GMs to 57-60%, a 290bps decline Q/Q at the midpoint. The revenue guidance of $7.9-$8.3BN (below $8.4BN est.) was partially affected by shortages of INTC CPUs adversely impacting consumer demand in client computing.

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