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Sept. 26, 2022, 9:18 a.m. EDT

Micron stock price target slashed but bullish rating affirmed at Wedbush, citing 'extremely limited' downside

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By Tomi Kilgore

Shares of Micron Technology Inc. /zigman2/quotes/205710729/composite MU +0.26% edged up 0.1% in premarket trading, after Wedbush analyst Matt Bryson cut his price target by 24%, but remained bullish, saying the semiconductor company appears to be "better positioned" even as adversity grows. Bryson said chip-market conditions have worsened since Micron warned in early August of a revenue shortfall, as demand as fallen more than expected and memory prices have dropped "precipitously." Bryson cut his stock price target to $65 from $85, but he reiterated the outperform rating he's had on the stock (MU) since February, citing valuation. "[W]e see extremely limited downside for Micron from current stock levels," Bryson wrote in a note to clients. "Specifically, MU has typically bottomed around book value with MU trading just ~10% above book value today." The stock has tumbled 46.2% year to date through Friday, while the PHLX Semiconductor Index /zigman2/quotes/210598361/realtime SOX -0.01% has sunk 39.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.19% has shed 22.5%.

/zigman2/quotes/205710729/composite
US : U.S.: Nasdaq
$ 53.82
+0.14 +0.26%
Volume: 11.37M
Dec. 7, 2022 4:00p
P/E Ratio
6.96
Dividend Yield
0.80%
Market Cap
$58.36 billion
Rev. per Employee
$640,792
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/zigman2/quotes/210598361/realtime
US : Nasdaq
2,673.25
-0.28 -0.01%
Volume: 198,157
Dec. 7, 2022 5:16p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,933.92
-7.34 -0.19%
Volume: 0.00
Dec. 7, 2022 5:22p
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