Micron Technology's Price Target Cut by Citigroup: A Warning Sign for AI Memory Stocks?

Citigroup cut Micron Technology's price target to $425 from $510, citing a 6% decline in spot prices for DDR5 16GB DRAM products since Micron's earnings report. Despite a strong Q2 performance, with revenue tripling and non-GAAP earnings reaching $12.20 per share, the firm's stock price movement is erratic, and investors are concerned about the potential impact of Google's new efficiency push on AI workloads. Micron remains a clear play on AI-driven demand for advanced memory, but its stock price may be volatile.