Stifel: Slowing recovery in the storage chip market, lowering Micron Tech's target price to $135

Stifel released a research report, lowering its expectations for Micron Technology, a storage chip manufacturer, and pointing out signs that indicate a slowdown in the recovery of the storage chip market. Analyst Brian Chin wrote in an investor report, "We believe that there is still demand for high-bandwidth memory, and the notion of oversupply next year has not been confirmed. However, it is obvious that the sales of consumer electronics products (more importantly, the overall product mix) are mediocre. We believe that this may cause market stagnation in the coming quarters, as memory suppliers are unwilling to accept higher bit shipments at lower prices." Chin maintained his "buy" rating but lowered the target price from $165 to $135, as he revised down expectations for the first and second quarters. Currently, analysts generally expect Micron Technology to report earnings per share of $1.11 and revenue of $7.64 billion for the fourth quarter. The company will announce its fourth-quarter performance after the U.S. stock market closes on September 25th