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Citi Remains Bullish On Micron Given Bottoming Process Well Underway

Benzinga Real-time News ·  Sep 28, 2022 14:37
  • Micron Technology, Inc (NASDAQ:MU) will release 4Q22 results on September 29 after the market close, Citi analyst Christopher Danely highlighted.
  • He expects the company to print and guide below the consensus due to excess DRAM inventory and lower demand.
  • Also Read: Rosenblatt Sees Micron's 2023 Setup As Positive; Expects Stock Price To Double
  • He expects DRAM pricing to decline until 1Q23, though we expect the downturn offset by Capex cuts which set the DRAM industry up nicely for a rebound in 2023 no matter how lousy demand is.
  • He trimmed his estimates and reiterated a Buy rating as he believes Micron is exhibiting three signs of a bottom of lower Capex, trough valuation, and most of the downside in consensus estimates.
  • Price Action: MU shares traded lower by 0.02% at $50.57 on the last check Wednesday.
  • He trimmed his estimates and reiterated a Buy rating as he believes Micron is exhibiting three signs of a bottom of lower Capex, trough valuation, and most of the downside in consensus estimates.
  • Price Action: MU shares traded lower by 0.02% at $50.57 on the last check Wednesday.
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