Citi says Micron (MU) reported strong results but fell short of the company’s recently lowered estimates as weakness in NAND and excess DRAM inventory in the PC and handset end markets are worse than expected. However, Citi continues to believe that the correction in DRAM inventories should end in the spring as it has been underway for several months and DRAM companies are reducing capital investments and production. It lowered estimates but reiterated a buy rating and $150 price target on Micron.
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