Citi says roughly 80% of investors bearish on Micron into earnings

Based on many conversations with investors this week, Citi estimates roughly 80% of investors are bearish on Micron into the earnings report on September 25. The firm says every hedge fund it spoke with are negative while a few mutual funds are positive into the earnings print. The analyst believes the expectations for November quarter guidance from buy-side investors are roughly in line or slightly below Citi’s newly revised estimates of $8.0B on revenue and $1.24 earnings per share, which is mid-single digit quarter-over-quarter growth. The consensus is $8.3B and $1.30, respectively. The firm keeps a Buy rating on Micron with a $150 price target.