Valuation is low, and a large reset provides a near-term stock rebound potential, but fundamental growth recovery could be well into CY23 in our view," Arya told clients in a downgrade note. He added that Micron's results are a negative read for Intel (NASDAQ: INTC ), AMD (NASDAQ: AMD ), and semicaps Lam Research (NASDAQ: LRCX ), Applied Materials (NASDAQ: AMAT ), and KLA Corp. (NASDAQ: KLAC ). Mizuho analyst Vijay Rakesh cut the price target on Micron shares to $84.00 per share from $95.00 to reflect softening demand. "While we had cut estimates below consensus, we did not cut enough," Rakesh told clients in a note. Still, the analyst maintained a Buy rating amid "historical cycle-low valuations and reflecting challenges." Raymond James analyst Melissa Fairbanks cut the price target to $75.00 per share from $115.00 after a "reset" quarter.