Micron price target lowered to $135 from $145 at KeyBanc

KeyBanc lowered the firm’s price target on Micron (MU) to $135 from $145 and keeps an Overweight rating on the shares. The firm expects Micron to garner significant share on HBM3E, as it believes Samsung (SSNLF) continues to struggle with its performance and to become fully qualified on Blackwell. As a result, KeyBanc anticipates Samsung will convert its unused HBM capacity back to traditional DRAM, which it anticipates will result in oversupply in the first half of 2025.