UPDATE: Goldman Sachs Lower PT on Micron Technology from $7 to $5.50

Goldman Sachs has published a research report on Micron Technology MU lowering estimates and the price target. In the report, Goldman Sachs wrote, "We are updating our DRAM supply/demand model and Micron estimates to reflect 2Q2011 earnings as well as weaker demand. We still expect excess DRAM supply and are thus reducing our EPS estimates for Micron. However, we believe DRAM ASPs are starting to approach levels where vendors may consider cutting supply meaningfully." Goldman Sachs rated Micron Technology a Sell with a price target lowered from $7.00 to $5.50. Micron Technology closed Wednesday at $5.85.