Citi believes Micron (MU) traded down today on TSMC’s (TSM) negative comments on traditional servers and handsets combined with CHIPS act grants resulting in higher capex. The firm would buy the stock on any weakness, saying the DRAM recovery is supply, not demand driven. Even if Micron raises capex 20%, it is still 20% below the previous peak, the analyst tells investors in a research note. Citi reiterates a Buy rating and $150 price target on Micron. The stock closed Thursday down 4% to $111.93.
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