Deutsche Bank analyst Sidney Ho lowered his price target for Micron Technology to $60 from $80 ahead of the company's fiscal Q4 results but keeps a Buy rating on the shares. The analyst reduced his estimates for the out-quarters to reflect the recent deterioration of NAND and DRAM pricing. Ho dropped his fiscal Q1 earnings estimate by 9% and fiscal 2019 estimate by 20%. It appears we have passed the peak of the current memory cycle, Ho tells investors in a research note. While the analyst expects Micron's share price "to be choppy in the near term," he also sees "rational capital spending" by other memory suppliers leading to quicker stabilization of the market than previous cycles. He views Micron's risk/reward as attractive with the stock 35% below his new price target.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here