Micron price target lowered to $140 from $175 at Wells Fargo

Wells Fargo lowered the firm’s price target on Micron (MU) to $140 from $175 and keeps an Overweight rating on the shares following the fiscal Q1 report. The firm says that while it is tough to argue against the weaker Q2 outlook driven selloff, Micron’s data center-driven thesis is unchanged. Wells reduced estimates following the report, noting consumer weakness is outweighing continued data center strength.