Wedbush Downgrades Micron Technology (MU) to Neutral; Unexpected Dip in the Red Puts Sizeable Dent Into Investment Thesis
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Price: $971.66 +2.30%
Rating Summary:
52 Buy, 11 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
52 Buy, 11 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush downgraded Micron Technology (NASDAQ: MU) from Outperform to Neutral with a price target cut by $2 to $7.
Wedbush analyst says, "We are moving to the sidelines on Micron Technology and reducing our PT to $7 from $9 following the company’s unexpected shift into the red, breaking a key point in our investment thesis that Micron could maintain Q/Q profitability through the DRAM downturn. Although management was upbeat about corporate demand for DRAM and consumers’ demand for NAND, we think with a couple of tough quarters ahead with Micron likely staying in the red, that investors shouldn’t put new money to work. We look for better visibility on (1) a return to profitability in DRAM, (2) NAND supply/demand environment post holiday seasonality, and (3) ramifications, if any, from the Rambus (Nasdaq: RMBS) antitrust trial, to improve our view on the name."
For more ratings news on Micron Technology click here and for the rating history of Micron Technology click here.
Shares of Micron Technology closed at $5.87 yesterday.
Wedbush analyst says, "We are moving to the sidelines on Micron Technology and reducing our PT to $7 from $9 following the company’s unexpected shift into the red, breaking a key point in our investment thesis that Micron could maintain Q/Q profitability through the DRAM downturn. Although management was upbeat about corporate demand for DRAM and consumers’ demand for NAND, we think with a couple of tough quarters ahead with Micron likely staying in the red, that investors shouldn’t put new money to work. We look for better visibility on (1) a return to profitability in DRAM, (2) NAND supply/demand environment post holiday seasonality, and (3) ramifications, if any, from the Rambus (Nasdaq: RMBS) antitrust trial, to improve our view on the name."
For more ratings news on Micron Technology click here and for the rating history of Micron Technology click here.
Shares of Micron Technology closed at $5.87 yesterday.
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