Micron price target lowered to $54 from $60 at Stifel
Stifel analyst Kevin Cassidy lowered his estimates for Micron Technology to reflect the "many uncertainties" associated with the Huawei ban as well as updated memory pricing. Shipments into China accounted for 32% of Micron's fiscal 2018 revenue and Huawei accounts for 13% of the company's revenue, Cassidy tells investors in a research note, citing management. Further, based on recent inSpectrum data, the analyst now estimates DRAM selling prices will decline 23% quarter-over-quarter in the May quarter, compared to his prior estimate of down 20%. For NAND, Cassidy estimates a 14% quarter-over-quarter average selling price decline compared to his previous estimate of down 5%. As a result, he cut his May quarter earnings per share estimate for Micron to 72c from 85c and revenue estimate to $4.56B from $4.79B. He also reduced his fiscal 2020 earnings estimate to $6.00 from $6.75 and revenue estimate to $21.475B from $21.85B. Cassidy also dropped his price target for Micron shares to $54 from $60 while keeping a Buy rating on the name.