POPA ReconCiti lowers Micron target price due to peak memory prices
Citi lowers Micron target price due to peak memory prices Citi downgraded Micron, arguing that DRAM and NAND price growth will slow quarter-on-quarter over the next four quarters, with prices peaking in the May (F2Q) quarter of next year. Specifically, Citi has revised its quarter-over-quarter DRAM price assumptions for the August/November/February/May quarters from 23%/10%/2%/0% to 23%/9%/2%/0%, and now models 2H27 as a 3% year-over-year decline. NAND price assumptions were changed from 29%/9%/1%/0% to 29%/7%/0%/-1%, with 2H27 now adjusted to a 5% year-on-year decline. Citi points to the p…
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