JPMorgan analyst, Harlan Sur, reiterated his Overweight rating on shares of Micron Technology (NASDAQ: MU) but cut his price target to $55 from $75 after the company lowered its 2019 industry bit demand growth expectations for DRAM (from ~20% to ~16%) and NAND (from ~35%-40% to ~35%).

The analyst stated "it’s important to note, the revised market bit demand estimates are AFTER various
customers/end-markets work past the current inventory glut. That is to say true bit consumption/demand growth likely remains near 20% for DRAM and >35% for NAND. We believe Micron’s bit supply target of 15% growth in DRAM for CY19 will mark an all-time low for the company, likely a bear-case scenario, and likely implies minimal risk to EPS estimates for the remainder of the year".

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Shares of Micron Technology closed at $31.25 yesterday.