Micron price target lowered to $130 from $150 at Baird

Baird lowered the firm’s price target on Micron (MU) to $130 from $150 and keeps an Outperform rating on the shares following last night’s results. Micron’s outlook, notably in NAND, reflects further and recent deterioration in macro trends from an already step down in demand over the summer, the analyst tells investors in a research note. The firm expects DRAM pricing to decline through mid-2025, driven by weakness in PCs and mobile, and slightly rebound in the second half of 2025. It believes Micron’s high-bandwidth memory opportunity is not priced into the shares.