Micron Technology downgraded at Macquarie
Shares of Micron Technology Inc. fell more than 1% in premarket trade Thursday after the stock was downgraded to neutral from buy at Macquarie Research. The brokerage's price target of $12 implies 14.5% upside to Wednesday's closing price. While the stock has likely bottomed, said Macquarie, and the bank continues to believe the DRAM industry can sustainably generate "cross cyclical profitability," it struggles to find "any meaningful catalysts" for the stock over the next several quarters. Shares of Micron have tumbled 26% over the last three months and 61% over the last year. The S&P 500, by comparison, is up 1% over the last three months and flat on the year. The average rating on the stock, according to a survey of nearly 20 analysts on FactSet, is the equivalent to buy, while the median price target is $14.59.
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