Micron outlook ‘challenging but improving,’ says Mizuho

Mizuho reiterates a Buy rating on Micron Technology with a $72 price target following last night’s "soft" fiscal Q2 results. The company’s gross margins "remain weak" with further $500M in inventory write-downs, pricing and underutilization, the analyst tells investors in a research note. The firm sees a "challenging but improving" outlook with the February quarter potentially marking the margin and data center trough.