This Analyst Believes Negative Sentiment, Macro Headwinds as an Opportunity to Step in for Micron Technology and Western Digital

This Analyst Believes Negative Sentiment, Macro Headwinds as an Opportunity to Step in for Micron Technology and Western Digital
The Western Digital logo on an external hard drive in San Anselmo, Calif., on Oct. 21, 2015. Justin Sullivan/Getty Images
Benzinga
Updated:

Mizuho analyst Vijay Rakesh slashed price targets on Micron Technology, Inc. to $95, from $113 (66 percent upside), and Western Digital Corp. to $68, from $72 (44 percent upside), and reiterated a Buy.

He observed that memory industry update, sentiment, and pricing trends had softened considerably in the last month with weaker PC-handset trends, consumer demand concerns with DRAM softer but NAND worse with weak demand offset by better supply from Kioxia.