Micron price target lowered to $425 from $510 at Citi

Citi lowered the firm’s price target on Micron (MU) to $425 from $510 and keeps a Buy rating on the shares. The firm cites the recent pullback in DRAM spot prices for the target cut. Citi says mainstream DDR5 16GB DRAM prices are down 6% since Micron’s earnings report, which it attributes to concerns that TurboQuant will hurt memory demand. However, cheaper technology has mostly increased demand for more technology historically, the analyst tells investors in a research note.