Micron price target raised to $80 from $70 at KeyBanc

KeyBanc raised the firm’s price target on Micron to $80 from $70 and keeps an Overweight rating on the shares. The firm notes Micron reported solid results, while guidance was largely in line. In addition to weak end-demand and excess inventories, Micron plans to curb wafer starts further to 30% for NAND/DRAM. However, KeyBanc is “encouraged” by signs of price stabilization and of a recovery, as customer inventories have normalized in PC/smartphones, while data center is expected to normalize by EOY.