UPDATE: Citi Lowers PT on Micron Technology to $10.50

Citi is out with its report today on Micron Technology MU, lowering its PT from $13 to $10.50. In a note to clients, Citi writes, "Micron reported a modest improvement in FCF after three consecutive quarters of decline and now trades at 1.0x book value (0.89x using after-market). We expect value investors to be intrigued at these levels and by the improvement in FCF, as it tends to bode well for the shares. But four factors give us caution: we forecast FCF to decline in F4Q11(Aug); 2H11 PC demand remains uncertain; we expect DRAM pricing to remain under pressure near term; and we see a downward bias to current consensus estimates. On these concerns we remain neutral on MU and, on our lower estimates, our PT falls to $10.50." At the time of posting, shares of MU were trading pre-market at $7.43, down 11.86% from Thursday's close.