Stifel: Slowing recovery in the memory chip market cuts Micron Technology (MU.US) target to $135

Stifel published a research report, lowering its expectations for Micron Technology (MU.US) and noting signs that the recovery in the memory chip market is slowing down. Analyst Brian Chin wrote in an investor report: "We believe (high-bandwidth memory) demand remains, and the oversupply next year is not confirmed. However, it is obvious that the sales of consumer electronics (more importantly, the overall product mix) are underwhelming. We believe this may cause the market to stagnate in the next few quarters, and memory suppliers are not willing to accept lower prices for higher bit shipments." Chin maintained his "buy" rating but lowered the target price to $135 from $165 due to his lower expectations for the first and second quarters. Analysts currently expect Micron Technology to report fourth-quarter earnings per share of $1.11 and revenue of $7.64 billion. The company is scheduled to report its fourth-quarter earnings after the market closes on September 25.