MU - China's cybersecurity review on Micron won't really impact company Citi says

2023-04-04 07:11:42 ET

• Micron Technology ( NASDAQ: MU ) may be the subject of a new cybersecurity review from China, but it's unlikely to actually have any impact on the memory chip maker, investment firm Citi said.
• Analyst Christopher Danely, who reiterated the firm's buy rating and per-share price target of $75 on Micron ( MU ), pointed out that while China represents 15% of the company's sales, the company's fundamentals are largely driven by the dynamic random access memory cycle. Additionally, Samsung ( OTCPK:SSNLF ) and Hynix, the other two large memory manufacturers, are aligned with the U.S. and not China, Danely added.
• "We continue to expect more actions like this from both sides and their allies as the US seeks to slow China’s industrial espionage and China retaliates," Danely wrote in an investor note.
• Micron ( MU ) shares were fractionally higher in premarket trading on Tuesday.
• Last week, Micron ( MU ) reported fiscal second-quarter results that showed revenue declining from a year ago .

For further details see: