Micron price target lowered to $32 from $45 at Nomura Instinet
Nomura Instinet analyst David Wong lowered his price target for Micron Technology to $32 from $45 while maintaining a Neutral rating on the shares. The analyst believes the global memory industry, and Micron, will grow at a rate similar to the overall semiconductor industry, which he estimates at 7%-9% from 2020 to 2025. In recent weeks, DRAM spot prices have continued to fall, as have NAND TLC spot prices, Wong tells investors in a research note. Further, he believes the U.S. action against Huawei and "various continuing international trade tensions create significant uncertainty" and risk to his earlier hope that there might be some stabilizing in memory through 2019. As a result, Wong lowered his 2020 earnings per share estimate for Micron to $2.47 from $3.30.