Micron price target lowered to $145 from $165 at KeyBanc

KeyBanc analyst John Vinh lowered the firm’s price target on Micron to $145 from $165 and keeps an Overweight rating on the shares. Presenting at KBCM’s Technology Leadership Forum, management provided an update and trimmed its outlook for Q1 to flat bit shipments quarter-over-quarter from prior expectations of modest sequential growth, the firm notes. Micron noted its customers in PC/smartphones had prebuilt inventory, while end-demand in auto, industrial, and consumer end markets was weak. As a result, Micron noted the pricing environment was weaker than expected and therefore has walked away from less favorable deals, KeyBanc adds.