Summit Research Cuts Price Target on Micron Technology (MU) to $25 Following Analyst Day
Summit Research maintained a Buy rating on Micron Technology (NASDAQ: MU), and cut the price target to $25.00 (from $30.00), following an analyst day. Analyst Srini Sundararajan said very little was said at the analyst day, and what was said was in generalities and the answers to the questions after the presentations did not spill any new insights into the open either. The price cut is due to soft macro, sluggish China smartphone, tepid PC growth and a struggling Samsung mobile sell-through environment that MU finds itself in.
Sundararajan commented, "Overall, we would term Micron’s Analyst Day “ho-hum”. On the negative side, it was somewhat lacking in specifics for the most part. On the positive side, we think that Micron’s NAND is shaping up to be a better story in 2016 vs. prior years."
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Shares of Micron Technology closed at $16.95 yesterday.