Citi analyst Christopher Danely raised the price target on Micron Technology (NASDAQ: MU) to $38.00 (from $35.00) but maintained a Sell rating after the company posted F1Q20 results above guidance but guided F2Q20 below Consensus due to lower margins.

The analyst stated "We agree that DRAM fundamentals are close to a bottom (please see: 2020 Global Memory Outlook: Recovery Phase) but MU stock is almost back to the peak. As a result, we remain on the sidelines and wait for a less frothy entry point. We are raising our price target from $35.00 to $38.00 or above 1x book, and we would be more constructive on the stock in the high $30’s".