Mizuho Cuts Micron’s PT On Weak ‘Enterprise Demand’
Mizuho Securities lowered Micron Technology’s price target to $58 (30.6% upside potential) from $63 but maintained a Buy rating on the stock. Shares of the chipmaker declined 1.8% on Tuesday.
Vijay Rakesh lowered Micron’s (MU) estimates for the November quarter citing "much weaker Enterprise demand, even with Cloud remaining healthy and handsets a tailwind". Rakesh added that "2H20E NAND/DRAM pricing headwinds and modestly softer GM" remain a drag. Nonetheless the analyst still views the stock as a Buy driven by "strong gaming/5G/data center tailwinds".” data-reactid=”13″>Mizuho Securities analyst Vijay Rakesh lowered Micron’s (MU) estimates for the November quarter citing “much weaker Enterprise demand, even with Cloud remaining healthy and handsets a tailwind”. Rakesh added that “2H20E NAND/DRAM pricing headwinds and modestly softer GM” remain a drag. Nonetheless the analyst still views the stock as a Buy driven by “strong gaming/5G/data center tailwinds”.
On Aug. 13, Micron’s CFO David Zinsner warned that the demand outlook for memory chips is worsening. Zinsner cautioned that 1Q (September to November) revenues could come below the earlier guided range of $5.4-$5.6 billion.
Sidney Ho last week downgraded Micron to Hold from Buy citing lower memory price assumptions due to supply-demand mismatch. However, Ho kept the stock’s price target unchanged at $48 (8.1% upside potential).” data-reactid=”19″>Deutsche Bank analyst Sidney Ho last week downgraded Micron to Hold from Buy citing lower memory price assumptions due to supply-demand mismatch. However, Ho kept the stock’s price target unchanged at $48 (8.1% upside potential).
price target of $63.50 implies upside potential of about 43%. (See MU stock analysis on TipRanks).” data-reactid=”20″>Overall, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 17 Buys, 8 Holds, and 1 Sell. Given the stock’s 17.4% year-to-date decline, the average price target of $63.50 implies upside potential of about 43%. (See MU stock analysis on TipRanks).
Bulls vs Bears on Micron: Which Side Should Investors Take?
Barclays Cuts Micron’s PT On Chip Demand Woes
Micron Drops 5% As CFO Warns 1Q Sales Could Miss Guidance” data-reactid=”29″>Related News:
Bulls vs Bears on Micron: Which Side Should Investors Take?
Barclays Cuts Micron’s PT On Chip Demand Woes
Micron Drops 5% As CFO Warns 1Q Sales Could Miss Guidance
