KFVG - Micron: Demand And Pricing Declines On The Way

• We move Micron stock to a hold/neutral because the weaker consumer market will reduce data center and enterprise demand in the coming quarters.
• We continue to see further weakness in the consumer PC and smartphone markets as inflation takes a toll on people's finances.
• We expect more downward pressure on DRAM and NAND prices which could result in further gross margin pressure.
• While the stock is cheap, we do not expect the stock to do much as long as the demand continues to slacken.

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