Citi believes Micron (MU) traded down today on TSMC’s (TSM) negative comments on traditional servers and handsets combined with CHIPS act grants resulting in higher capex. The firm would buy the stock on any weakness, saying the DRAM recovery is supply, not demand driven. Even if Micron raises capex 20%, it is still 20% below the previous peak, the analyst tells investors in a research note. Citi reiterates a Buy rating and $150 price target on Micron. The stock closed Thursday down 4% to $111.93.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MU:
- Micron Aims to Secure $6.1B Funding for Advanced Chip Production
- ARM Stock (NASDAQ:ARM): What’s Behind the 12% Drop?
- Silvaco announces expanded partnership with Micron
- Micron announces 232-layer QLC NAND now in mass production
- Micron First to Production of 200+ Layer QLC NAND in Client and Data Center