UPDATE: Wedbush Lowers Price Target On Micron Technology To $9

According to Wedbush, Micron Technology MU price target is lowered to $9. Wedbush said that Micron Technology held its 2011 Summer Analyst Conference yesterday. “Our new 12-month PT of $9 from $12.50 is based upon about 9x (from 10x) our CY:12 EPS estimate of $0.73 (from $1.02) plus $2.30 in cash per share.” Micron Technology closed yesterday at $5.30.