Stifel: Storage chip market recovery slowing down, lower Micron Technology, Inc. (MU.US) target price to $135.

Stifel released a research report, lowering expectations for storage chip manufacturer Micron Technology, Inc. (MU.US), and pointing out signs that the recovery in the memory chip market is slowing down. Analyst Brian Chin wrote in an investor report, "We believe that there is still demand for high bandwidth memory, and the notion that there will be oversupply next year has not been confirmed. However, it is clear that the sales of consumer electronic products (more importantly, the overall product portfolio) are mediocre. We believe this could lead to market stagnation in the coming quarters, as memory suppliers are unwilling to accept higher shipments at lower prices." Chin maintained his "Buy" rating but lowered the target price from $165 to $135, as he lowered expectations for the first and second quarters. Currently, analysts widely expect Micron Technology, Inc. to have an earnings per share of $1.11 and revenue of $7.64 billion in the fourth quarter. The company will announce its fourth quarter performance after the U.S. market closes on September 25th.