Mizuho analyst Vijay Rakesh downgraded Micron Technology to Neutral from Buy with a price target of $56, down from $75. Recent checks show “steepening” DRAM and NAND memory price declines price declines into the December quarter and first half of 2023, Rakesh tells investors in a research note. Also, key data center and server markets are starting to show weakness, with softening demand in China and Europe and slowing CPU/ GPU ramps, says the analyst. Rakesh sees slowing consumer and hyperscale demand and high inventory as headwinds for the company.
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