Micron (MU) Stock Gains as Apple Explores Chinese Chip Supplier
TLDR
- Micron (MU) stock rose 1.4% in premarket Monday, up more than 200% year to date
- Apple has tested memory chips from China’s ChangXin Memory Technologies (CXMT) for devices sold in China
- Citi maintained a Buy rating but cut its price target from $1,400 to $1,150, citing slowing memory pricing momentum
- Trivariate Research CEO Adam Parker says Micron could double by end of the memory cycle
- Analysts expect Micron earnings of $31.29 per share for the next report, estimated September 22
Micron (MU) stock was up 1.4% in premarket trading on Monday at $883.96, brushing off a report that Apple has been testing memory chips from Chinese manufacturer ChangXin Memory Technologies (CXMT).
The Wall Street Journal reported Sunday that Apple held early talks with CXMT about supplying memory components for devices sold in China, with Apple hoping to secure approval from the Trump administration to proceed.
CXMT recently listed in China and has moved fast in conventional DRAM. It grabbed 7% of global market share by revenue in Q2, according to Counterpoint Research.
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