Citi Remains Bullish On Micron Given Bottoming Process Well Underway

Micron Technology, Inc MU will release 4Q22 results on September 29 after the market close, Citi analyst Christopher Danely highlighted.
He expects the company to print and guide below the consensus due to excess DRAM inventory and lower demand.
Also Read: Rosenblatt Sees Micron's 2023 Setup As Positive; Expects Stock Price To Double
He expects DRAM pricing to decline until 1Q23, though we expect the downturn offset by Capex cuts which set the DRAM industry up nicely for a rebound in 2023 no matter how lousy demand is.
He trimmed his estimates and reiterated a Buy rating as he believes Micron is exhibiting three signs of a bottom of lower Capex, trough valuation, and most of the downside in consensus estimates.
Price Action: MU shares traded lower by 0.02% at $50.57 on the last check Wednesday.
He trimmed his estimates and reiterated a Buy rating as he believes Micron is exhibiting three signs of a bottom of lower Capex, trough valuation, and most of the downside in consensus estimates.
Price Action: MU shares traded lower by 0.02% at $50.57 on the last check Wednesday.

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