US Top Rating Updates on 9/21: MU, SQ, CSCO, WDC and More

Mizuho analyst Vijay Rakesh downgraded $Micron Technology (MU.US)$ to Neutral from Buy with a price target of $56, down from $75. Recent checks show "steepening" DRAM and NAND memory price declines price declines into the December quarter and first half of 2023, Rakesh tells investors in a research note.

Barclays analyst Tim Long downgraded $Cisco (CSCO.US)$ to Equal Weight from Overweight with a price target of $46, down from $56. The analyst coupled the downgrade with an upgrade of Arista Networks (ANET). While Cisco has doubled its relative share in cloud from 2019 to 2021, the business has since stalled, Long tells investors in a research note.

SMBC Nikko analyst Andrew Bauch downgraded $Block (SQ.US)$ to Neutral from Outperform with a price target of $70, down from $120. The analyst cites the company's "hard-to-quantify, but material" crypto exposure, lack of medium-term visibility, and uncertainty around the potential impact of its "more conservative" investment strategy on medium-term growth for the downgrade.