Micron recovery story complicated by China, says Deutsche Bank

Deutsche Bank analyst Sidney Ho maintains a Hold rating on Micron Technology with a $65 price target following last night’s fiscal Q3 results. Despite inventory improvements, pricing and the China ban “remain challenges,” the analyst tells investors in a research note. Management is only expecting limited impacts from recent China restrictions, but the impact is likely higher in the first half of fiscal 2024, says the firm. It believes China is complicating Micron’s recovery story.