Citi says Micron (IN) reported strong results but guided lower than the company's recently lowered estimates as the weakness in NAND inventory and a DRAM glut in the PC and handset end markets were worse than forecast. However, Citi continues to believe that the DRAM inventory correction should end by the Spring as it has been happening for several months and DRAM companies are reducing capex and production. Estimates dropped but reiterates Buy rating and $150 price target on Micron.
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