Yahoo Finance

Citi says Micron (MU) reported strong results but guided below the firm’s recently-lowered estimates as the weakness in NAND and excess DRAM inventory in the PC and handset end markets is worse than previewed. However, Citi continues to believe the DRAM inventory correction should finish by the Spring as it has been occurring for several months and DRAM companies are lowering capex and production. It lowered estimates but reiterates a Buy rating and $150 price target on Micron.

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Read More on MU:

• Micron price target lowered to $145 from $180 at JPMorgan

• Micron price target lowered to $110 from $145 at Barclays

• Micron price target lowered to $140 from $175 at Wells Fargo

• Micron downgraded to Neutral at BofA on extended pricing pressure

• Micron downgraded to Neutral from Buy at BofA