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Evercore ISI analyst C.J. Muse lowered the firm's price target on Micron (MU) to $100 from $135 and removed the stock from his Top Picks list, though he keeps an Outperform rating on the shares.

Though he believes the current outlook for DRAM pricing declines in Q4 are "more seasonal than cyclical" and he thinks this will only be a one to two-quarter correction, Muse contends that "it is very difficult to own memory names when pricing is inflecting lower."

The analyst, who has updated his model to reflect a worse average selling price outlook, believes "it will be difficult for Micron shares to work" over the near term.