Micron downgraded to Underperform from Outperform at Exane BNP Paribas

Exane BNP Paribas double downgraded Micron Technology to Underperform from Outperform with a price target of $67, down from $140. While some investors correctly anticipate downside risk to near-term results, Micron will underperform its artificial intelligence peers through 2025 as high bandwidth memory capacity oversupply leads to a faster than expected market correction of conventional DRAM selling prices, the analyst tells investors in a research note. Exane’s 2025 and 2026 earnings estimates for Micron are 34% and 45% below consensus, respectively.