"The stock price has lagged but we don't see any other catalysts medium term, hence we are moving to the sidelines."
Micron shares were down 5% in the premarket.
The analyst reiterated a buy rating on Micron stock with a $175 per share price target, implying nearly 23% upside from Wednesday's $142.36 close.
He raised his price target to $158 per share price from $138, calling for 11% upside.
Arya maintained a buy rating on Micron stock with a $170 per share price target, or about 19% upside moving forward.
Persons:
Vivek Juneja, — Brian Evans, TD Cowen, Cowen, John Blackledge, Keefe, David Konrad, Brian Evans, Christopher Danely, Goldman Sachs, Toshiya Hari, Hari, Vivek Arya, Arya, Caio Ribeiro, Ribeiro, Fred Imbert
Organizations:
CNBC, Micron Technology, Bank of America, Petrobras, JPMorgan downgrades U.S, Bancorp, JPMorgan, U.S . Bancorp, New York Mellon, Bank of New, Bank of New York Mellon, BK, Mellon, Micron, MU, Citi
Locations:
Brazil, U.S, Bank of New York, CY2025