Micron price target lowered to $110 from $145 at Barclays

Barclays analyst Tom O’Malley lowered the firm’s price target on Micron (MU) to $110 from $145 and keeps an Overweight rating on the shares. The company’s “material miss” despite improving high-bandwidth memory commentary will have investors worried that the cycle is turning despite some secular growth, the analyst tells investors in a research note. The firm says the NAND weakness was expected but the sequential decline in DRAM “will have investors worried.” Barclays believes Micron’s commentary on slowing tech transitions and weakening fundamentals despite the better HBM data points will likely be an ongoing issue for the stock.