Micron Technology Q1 Outlook Significantly Worse Than Feared
<p><a href='https://financialmodelingprep.com/financial-summary/MU'>Micron Technology, Inc. (NASDAQ:MU)</a> reported its Q4 results, with EPS of $1.45 coming in better than the Street estimate of $1.41. Revenue was $6.64 billion, missing the Street estimate of $6.81 billion.</p>
<p>The company provided its Q1/23 outlook, expecting EPS to be in the range of $0.14-($0.06), compared to the Street estimate of $0.64. Revenue is expected to be in the range of $4-4.5 billion, which is significantly worse than the Street estimate of $5.62 billion.</p>
<p>Analysts at Deutsche Bank lowered their price target on the company’s shares to $60 from $68 following the results, noting that the revenue guidance of a 36% decline was much worse than feared, with lower volume and weaker pricing contributing equally to the sequential decline. Moreover, management expects the revenue weakness to continue in Q2.</p>
<p>The analysts also noted they were encouraged to see management cutting Capex by around 33% for the full 2023-year, as well as approximately a 5% utilization cut in the near term, which should lead to a significant reduction in supply growth over the next few quarters.</p>

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