Mizuho analyst Vijay Rakesh upgraded Micron to Buy from Neutral with a price target of $72, up from $48. The analyst sees improving structural trends driving an accelerated path to supply/demand balance for memory. The firm says we are close to a cyclical bottom, with Q1 potentially seeing the peak in inventories and a tough in revenue, with fundamentals set to recover in the second half of 2023. A cyclical Q1 trough with structural improvement positions Micron, Western Digital and Seagate for upside with the shares 40%-50% below prior cycle peaks, Mizuho contends.
Published first on TheFly
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