Citi says Micron (MU) reported solid results but guided below the company’s recently lowered estimates as weakness in NAND and DRAM inventory overhang in the PC and mobile end markets is worse than expected. However, Citi continues to believe that the DRAM inventory correction should end in the spring, as it has been happening for several months and DRAM companies are reducing capital spending and production. Lowered estimates but reiterates Buy rating and $150. target price in Micron.
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