Micron slips after muted Q4 revenue outlook
** Shares of memory chipmaker Micron technology MU.O drop 6.8% at $132.6 in prematket
** On Wednesday, MU said it sees Q4 revenue of $7.6 bln, plus or minus $200 mln, versus analysts estimates of $7.6 bln - LSEG data
** Investors, were, however expecting a more upbeat outlook
** Company posted quartely revenue of $6.81 bln, beating analysts' expectations of $6.67 bln, due to strong demand in memory chips
** Reported adj. EPS of 62 cents above estimated figure of 51 cents per share
** Despite drop in shares, JP Morgan lifts target price due to better than expected Q3 earnings and stronger outlook
** Brokerage raises PT to $180 from $130; expects MU's DRAM and NAND memory chips pricing to increase in the second half of 2024 and 2025 due to AI server demand
** Thirty five of 37 brokerages rate the stock "Buy" or higher and two "Hold"; their median PT is $160 - LSEG data
** Up to previous close, MU stock had risen 66.81% YTD, compared with a 18.6% increase in the Nasdaq index .IXIC
Reporting by Nikhil Sharma in Reuters
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