Micron Technology (NYSE: MU) had its target price cut by Citigroup from $11.00 to $10.00 in a report issued on Friday. They currently have a buy rating on the stock.

“In general, our positive stance on Micron is unchanged post their earnings results. While they posted results below expectations, they suffered from some temporary factors: a NAND production hit (since ameliorated) and the negative impact of Yen hedges (associated with the Elpida transaction). Underlying this, we remain positively disposed to the direction of DRAM prices (the most recent contract negotiations have been upward), reflecting lowered inventory and stabilizing notebook ODM order trends (as we saw in our recent Asia field checks). And while NAND seasonality should not be ignored, the shortening length between consumer product introductions may lessen the seasonal volatility. When then considering the restrained supply addition in both DRAM and NAND set for 2013, we believe memory prices are poised for an upward move upon any positive demand inflection. With Micron trading at 0.97x tangible book value (pre-Elpida), we reiterate our positive stance on the shares.,” Citigroup’s analyst wrote.

Shares of Micron Technology opened at 6.23 on Friday. Micron Technology has a one year low of $5.16 and a one year high of $9.16. The company’s market cap is $6.315 billion.

A number of other firms have also recently commented on MU. Analysts at Barclays Capital reiterated an overweight rating on shares of Micron Technology in a research note to investors on Tuesday. They now have a $11.00 price target on the stock. Separately, analysts at Robert W. Baird reiterated an outperform rating on shares of Micron Technology in a research note to investors on Friday. They now have a $10.00 price target on the stock. Finally, analysts at Credit Agricole downgraded shares of Micron Technology from a buy rating to an outperform rating in a research note to investors on Friday.

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