Micron Technology (MU) Reiterated as Top Pick at Citi

Micron Technology (NASDAQ: MU) Reiterated as Top Pick at Citi

The analyst comments "We are turning positive on semiconductors given the stabilization in the PC, wireless and server end markets (combined 56% of semi-TAM). With semi units down 20% YoY in 2023, the worst unit correction in 22 years, we believe we are almost through the inventory correction. While we expect more estimate cuts to the analog companies due to the auto and industrial correction (combined 30% of semi-TAM), we believe these cuts are getting smaller, and should trough in 1H24. We are the most positive on DRAM and reiterate MU as our top pick given our expectation of a 50% YoY increase in DRAM pricing in 2024. Other Buy-rated names include AMD, MCHP, AVGO, ADI, ON, QCOM, and GFS."

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