.September 19, 2024 09:31 AM

Stifel analysts have lowered their price target for Micron Technology (NASDAQ:MU) to $135 from $165 ahead of the company’s fiscal fourth-quarter earnings report on September 25. Memory prices have been stabilizing but showing signs of moderating, with concerns about oversupply next year. High-bandwidth memory demand remains strong, but underwhelming consumer electronics sales and product mix could create a temporary market lull. Micron is expected to meet expectations for Q4 but estimates for Q1 and Q2 of fiscal 2025 have been lowered due to a less favorable ASP environment. Despite the adjustment, analysts see a buying opportunity with the recent stock pullback.