Micron price target lowered to $120 from $140 at Needham

Needham lowered the firm’s price target on Micron (MU) to $120 from $140 and keeps a Buy rating on the shares after its Q1 earnings. The company posted a slight beat, but guidance was well below as Consumer markets and Data Center SSD are weaker-than-expected over the near-term, the analyst tells investors in a research note. Micron’s weakness is predominately being seen within NAND memory, and lower than previous industry bit demand growth is now expected in 2024 and 2025, the firm added.