Micron downgraded to Neutral at BofA on extended pricing pressure

As previously reported, BofA downgraded Micron (MU) to Neutral from Buy with a price target of $110, down from $125. The firm, whose estimates were below consensus heading into Q1 results, is reducing estimates again as gross margin is expected to stay weak in Q2 and even Q3, the analyst tells investors. Data center and HBM trends remain strong, but weakness in PC and phone markets are putting downward pressure on memory pricing, especially in NAND, the analyst added.