Mizuho analyst Jason Getz reiterated Neutral on Micron Technology, IncMUwith 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, LtdSSNLF 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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