2022-09-27 08:06:30 MU Micron
09/27/22 09/2708:06 09/27/2208:06 | JPMorgan cuts Micron target but says accumulate on pullbacksJPMorgan analyst Harlan Sur lowered the firm's price target on Micron Technology to $65 from $80 and keeps an Overweight rating on the shares. With macro-driven inventory adjustments now expanding beyond consumer, PC, and smartphones to encompass a broader set of market segments including datacenter, automotive, and industrial customers, memory fundamentals have "incrementally worsened" since Micron's negative preannouncement on August 8, Sur tells investors in a research note. The analyst says spot pricing for 4Gb DDR4 DRAM has dropped 20% quarter-over-quarter in Q3 while 512Gb NAND spot pricing has declined more than 30% sequentially as bit demand is "coming in substantially lower than expected on increasing macro headwinds that are now impacting nearly all end markets." He believes Micron's revenues will continue to be under pressure through the first half of 2023 before inflecting back to growth in the second half. Sur sees a "strong" reward/risk profile with the stock down 47% year-to-date and would be accumulating Micron on pullbacks. |
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