Micron price target lowered to $175 from $185 at Susquehanna

Susquehanna lowered the firm’s price target on Micron to $175 from $185 and keeps a Positive rating on the shares. The firm updated estimates following the company’s recent commentary that Nov-Q DRAM/NAND bit shipment tracking to flattish Q/Q while also incorporating our most updated pricing assumptions and arguing that the Memory is currently in a “mid-cycle” correction in the middle of a longer up-cycle.