Shares of Micron Technology Inc. declined Thursday after analysts acknowledged that the memory-chip maker is on the road to recovery but debated how long that would take.
Late Wednesday, Micron’s MU results topped Wall Street expectations and the company’s chief executive, Sanjay Mehrotra, called a bottom in the beaten-up memory-chip market, causing shares to rise after hours. The stock, however, soon began to slip as executives on the call said that worse-than-feared demand for PCs and smartphones would eat into sales boosts from artificial-intelligence customers.
Morgan Stanley analyst Joseph Moore was less optimistic, with an underweight rating and a $46 price target. Moore said that while Micron’s top line isn’t getting worse and inventory is getting written down, the company still faces challenges.
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