Citi‘s Most Read - Tech & Communications

研报英文原文证据摘录

Citi‘s Most Read - Tech & Communications

Micron Technology Inc (MU.O) - Preview – Investor Focus on LTA Commentary

Micron reports May-Q earnings on 6/24. We raise FY26/27 estimates driven by

better-than-expected memory prices YTD and lift our PT to $1200 or 10x revised

CY27 EPS. Our 10x multiple is below the 3-year peak of 17x to reflect elevated gross

margins and recent reports of DRAM de-specing in Vera Rubin due to limited

supply. We believe a widening gap between required and available DRAM memory

helps accelerate adoption of complementary NAND solutions such as KV cache

offloading which could favor pure NAND stocks and semi caps, in our view (see

here).

Buy | Target price US$1200.00

Atif Malik

Accenture Ltd (ACN.N) - Alarm Bells Ringing

Unfortunately, Accenture’s outlook became even more uncertain after its F3Q26

earnings report due to the lingering Middle East impact and bookings weakness in

Managed Services, while M&A spend is increasing away from services to higher

growth software (what does this say about ACN’s confidence in the services

market?). We believe GenAI’s deflationary pressure on services is much stronger

than its lift from companies investing more to realize the new AI-related

opportunities, causing pressure to ACN’s top-line. The new annual FY26 Y/Y CC

revenue guidance of 3–4% missed our expectations of 4–5%, as organic revenue

growth continues to deteriorate. ACN is hosting an Investor Day in NYC on 14

October to highlight its growth prospects and will attempt to change negative

investor sentiment. We remain Neutral but cut our TP to $135 from $195 due to

peer-group multiple compression caused by declining organic revenue growth and

an uncertain outlook.

Neutral | Target price US$135.00

Bryan Keane