Micron beat analyst estimates on earnings and revenue for its fiscal third quarter of 2019.
, have lowered guidance after the U.S. imposed restrictions on how U.S. companies could do business with Huawei.
JPMorgan Chase analysts led by Harlan Sur lowered their estimates on Micron on Friday, partly because of the impact playing out across Huawei's supply chain. "While we continue to expect a 2H19 recovery in demand , we acknowledge the shape of the recovery may be negatively impacted by trade tensions with potential demand destruction in consumer segments," wrote the analysts, who have an overweight rating on Micron. "Moreover, replacing bits sold to Huawei may take some time to normalize on substitution effects."
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