Analysts overhaul Micron stock price targets after earnings, outlook
Micron Technology shares tumbled in early Thursday trading after the memory chip maker’s muted near-term outlook clouded an otherwise solid quarterly earnings report and triggered a host of price target changes from Wall Street analysts.
Micron (MU) shares have lost nearly a third of their value, or around $55 billion, since they touched a record high in mid-June as investors worried that a slump in demand for consumer electronics would blunt profit and revenue from its key DRAM memory division.
The group acknowledged that demand weakness in last night’s fiscal-first-quarter earnings report but noted that the overstocked market would likely unwind early next year.
In the meantime, sales of its key high-bandwidth memory chips, a…
