Mizuho analyst Jason Getz reiterated Neutral on Micron Technology, Inc with a $52 price target.
MU announced further DRAM and NAND wafer starts cuts by 20% versus F4Q22, its third outlook cut as MU tries to align supply and demand.
MU noted a softer-than-expected 2023 outlook with further disciplined CapEx reductions from its prior view of down 50% Y/Y, as it now sees 2023 DRAM and NAND bit shipments down and up single-digit % Y/Y, respectively.
There was no change to Getz's estimates as he had noted industry weakness potentially persisting for>6 months.
However, the CHALLENGE so far is no significant supply cuts from Samsung Electronics Co, Ltd (OTC: SSNLF) and SK Hynix as they try to position to regain 2023 market share, which could result in higher Memory inventory levels exiting 2022.
Price Action: MU shares traded lower by 0.27% at $58.71 on the last check Thursday.
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