This Analyst Expects Micron To Miss Consensus In FQ1 Amid DRAM Meltdown

Micron Technology, Inc MU will release F1Q23 results on December 22 after the market close.
Citi analyst Christopher Danely reiterated a Buy rating on Micron with a $75.00 price target.
Danely expects the company to report and guide below the analyst's estimates and consensus given the DRAM collapse.
However, Danely's reasons for being optimistic about Micron remain unchanged in a note titled "Earnings Preview: Doom, Death, and Destruction But 50% of DRAM Market Hitting E-Brake, Should Bottom in 1Q23."
The analyst believes capex and utilization cuts by Micron and Hynix (combined roughly 50% of the DRAM market) should create a bottom in 1Q23, and MU is trading close to trough valuation.
While Samsung Electronics Co, Ltd SSNLF maintained its capex, the analyst expects the company to cut capex if DRAM remains weak.
Price Action: MU shares traded higher by 1.46% at $51.42 on the last check Wednesday.

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