Mizuho Securities Downgrades Micron Technology (MU) to Neutral
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Mizuho Securities analyst Vijay Rakesh downgraded Micron Technology (NASDAQ: MU) from Buy to Neutral with a price target of $75.00 (from $90.00).
The analyst commented, "While MU has been executing well, 4Q21-2Q22 could see DRAM pricing down 8%-10% q/q through consecutive quarters versus our prior expectations of flat to down 2% q/q. While the shares have underperformed, we see near-term pricing and demand headwinds limiting upside. Lowering FebQ from $8.0B/$2.19 to $7.3B/$1.84, F22E from $33.6B/$9.38 to $31.9B/$8.38 with GM at 44.9% (prior 47.2%) and F23E from $37.3B/$10.85 to $36.7B/$9.82. Downgrading to Neutral from Buy, PT to $75 (prior $90), ~8.9x our F22E EPS."
Shares of Micron Technology closed at $67.26 yesterday.
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