Mizuho Securities Downgrades Micron Technology (MU) to Neutral

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."

For an analyst ratings summary and ratings history on Micron Technology click here. For more ratings news on Micron Technology click here.

Shares of Micron Technology closed at $67.26 yesterday.

You May Also Be Interested In

• UPDATE: BofA Securities Downgrades Nutanix (NTNX) to Neutral on Weak Cash Flow Guidance
• UPDATE: Dick's Sporting Goods (DKS) PT Lowered to $105 at BofA Securities
• UPDATE: JPMorgan Downgrades Columbus McKinnon (CMCO) to Neutral