Micron stock tumbled anew on Thursday after an investment bank forecast a cyclical downturn ahead for memory chips. Read More...
Motley Fool
Why Micron Technology Stock Was Down Thursday
Shares of Micron Technology (NASDAQ: MU) were down 6.4% at 9:50 a.m. EDT on Thursday after Morgan Stanley analyst Joseph Moore downgraded the stock to equal weight and cut his price target by $30 to $75. The stock has outperformed the Nasdaq Composite index over the last year, up 46%. Moore sees a weak environment coming for the global memory chip sector, particularly with respect to the market for dynamic random access memory (DRAM) chips, which comprised 73% of the company’s revenue in the recent third quarter.
