Mizuho analyst Vijay Rakesh slashed price targets on Micron Technology, Inc. to $95, from $113 (66 percent upside), and Western Digital Corp. to $68, from $72 (44 percent upside), and reiterated a Buy.
He observed that memory industry update, sentiment, and pricing trends had softened considerably in the last month with weaker PC-handset trends, consumer demand concerns with DRAM softer but NAND worse with weak demand offset by better supply from Kioxia.
He wrote that server is the only bright spot in driving memory demand, and NAND and DRAM pricing trend in the 2H negative with inventory pressure and consumer demand pause.
He sees MU positioned for upside into 1H22 with stronger than expected trends in key markets, including PCs, Handsets, and Server….