Micron reacts ‘proactively’ to memory downturn, says BMO Capital

BMO Capital made no change to the firm’s Outperform rating or $67 price target on Micron shares ahead of the Q2 earnings report. Micron has reacted proactively amid the far steeper than expected memory downturn, demonstrating financial discipline, and BMO sees a favorable risk/reward for the shares, the analyst tells investors in a research note. The firm lowered its estimates for Micron for FY23 and FY24 due to continued downward pricing pressure and lower bit growth for DRAM, and its FY23/FY24 EPS estimates are now ($3.30)/40c from ($2.95)/$1.65.