Micron Technology, Inc. (NASDAQ:MU) reported Q4 results beating the Street estimates, however Q1 revenue/EPS guidance was below consensus.

The company has blamed the shortfall primarily on the PC market where customers are constrained by non-memory components, but the company believes those issues will be resolved in 1-2 quarters and that demand for PCs remains robust. In addition, supply constraints of certain IC components (controllers, analog IC, etc.) and low levels of finished goods inventory are limiting the company's output in the near term.

Analysts at Deutsche Bank lowered their price target on the company’s shares to $90 from $95 following the results, noting that they expect industry supply-demand to improve following near-term inventory adjustments and believe that the risk/reward profile is favorable at the current price.