Micron price target lowered to $130 from $135 at Stifel

Stifel analyst Brian Chin lowered the firm’s price target on Micron (MU) to $130 from $135 and keeps a Buy rating on the shares after Micron reported inline fiscal Q1 results while guiding Q2 revenue and earnings lower quarter-over-quarter, missing the firm’s and consensus estimates. The firm had expressed caution into the print given a belief that management would provide a more conservative outlook, but the magnitude of the miss was “more severe than many anticipated,” the analyst tells investors. However, Stifel continues to view this as a mid-cycle correction and noted management guided for memory bit shipments to re-accelerate in fiscal Q3 and Q4 following an OEM inventory digestion period.