Citi Research analyst Christopher Danely wrote Monday that Micron Technology Inc. could lose money by the end of the year "given how bad the DRAM environment is." While the last two DRAM downturns lasted six to eight quarters, the current downturn has only been going on for three quarters, Danely wrote. "On the bright side, we believe that the stock is close to a bottom, so long-term investors could nibble away at it," he said. Danely, who has a sell rating on the shares, argued that the company's Tuesday afternoon earnings report "should be fugly" as he expects that Micron will fall short of its outlook due to DRAM challenges. Micron's stock is down 0.3% in premarket trading Monday. It's gained 4.8% so far this year, as the S&P 500 has risen 18%.
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