Citi has significantly reduced its target price for Micron Technology, from $510 to $425, marking a 17% decrease. This adjustment comes in response to the recent notable drop in spot prices for DDR5 DRAM. Despite this, the firm has retained its “buy” rating and kept its earnings forecasts steady, confident that the long-term trend of AI-driven demand for memory will continue unabated. As of the market close on March 30, Micron's stock price still harbored an upside potential of approximately 32% relative to the newly established target price. Recently, spot prices for mainstream DDR5 16GB DRAM have seen a decline of roughly 6%. Market concerns surrounding Google's TurboQuant technology are among the factors contributing to this price retreat. At present, Micron and its industry counterparts are engaged in negotiations with hyperscale cloud computing vendors to secure strategic long-term agreements spanning 3 to 5 years. These agreements are anticipated to offer robust support for contract prices.