Micron seeing signs of an imminent recovery, says Citi

Citi says Micron Technology last night reported “mixed results” and guided below consensus due to write-downs. However, the company is seeing signs that a recovery is imminent as major customers have started strategic buys of DRAM and inventory is close to normal in the PC and handset markets, the analyst tells investors in a research note. The firm continues to believe the worst of the memory cycle is “behind us and a recovery is in sight.” It reiterates a Buy rating on Micron with a $75 price target.