Citi notes that Micron raised its FY24 capex forecast to $8B from $7.5B-$8B, but tells investors “we are not worried as this is still well below the previous peak and we expect capex to move even higher.” The firm, which also notes that the company said that the Taiwan earthquake resulted in a moderate reduction of DRAM output, believes this may limit upside this quarter, but Citi continues to expect upside to guidance and consensus estimates to move higher following Micron’s earnings next month. Citi reiterates a Buy rating and $150 price target on Micron shares.
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