Citi analyst Christopher Danely reiterated a Sell rating and $35.00 price target on Micron Technology (NASDAQ: MU) after management stated that the company will not be able to ship to Huawei, a mid- to high-single digit % customer, after September 14, due to the latest Huawei ban.

The analyst believes that this will negatively impact the November and February quarters but the company also supplies ByteDance and Tencent and could see further downside if US-China tension escalate. He stated "We are lowering estimates to include the Huawei impact and continue to expect the DRAM market to decline over the next 2-3 quarters".

For an analyst ratings summary and ratings history on Micron Technology click here. For more ratings news on Micron Technology click here.

Shares of Micron Technology closed at $44.80 yesterday.