Citi stays Buy on Micron despite worse than expected guidance

Citi says Micron (IN:) reported strong results, but was guided by the company’s recently downgraded estimates as the weakness in excess NAND and DRAM inventories in the PC and phone end markets is worse than anticipated.However, Citi continues believe that the DRAM inventory correction should be completed by spring as it has been happening for several months and DRAM companies are reducing capital and production.It cut estimates but reiterates Buy rating and $150 price target On Micron.

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