- Micron Technology, Inc (NASDAQ:MU) will release F1Q23 results on December 22 after the market close.
- Citi analyst Christopher Danely reiterated a Buy rating on Micron with a $75.00 price target.
- Danely expects the company to report and guide below the analyst’s estimates and consensus given the DRAM collapse.
- However, Danely’s reasons for being optimistic about Micron remain unchanged in a note titled “Earnings Preview: Doom, Death, and Destruction But 50% of DRAM Market Hitting E-Brake, Should Bottom in 1Q23.”
- The analyst believes capex and utilization cuts by Micron and Hynix (combined roughly 50% of the DRAM market) should create a bottom in 1Q23, and MU is trading close to trough valuation.
- While Samsung Electronics Co, Ltd (OTC: SSNLF) maintained its capex, the analyst expects the company to cut capex if DRAM remains weak.
- Price Action: MU shares traded higher by 1.46% at $51.42 on the last check Wednesday.
HUTCHMED Out Licenses Fruquintinib To Takeda Outside China
HUTCHMED (China) Limited (NASDAQ:HCM) has entered into an exclusive license agreement with a subsidiary of Takeda Pharmaceutical Company Limited (NYSE:TAK) to further the…
