US Top Rating Updates on 12/12: QCOM, MU, LRCX, ACN and More

Deutsche Bank analyst Sidney Ho downgraded $Micron Technology (MU.US)$ to Hold from Buy with a price target of $55, down from $60. The analyst is "incrementally more cautious" on the memory market, as he believes the current downturn will last longer and be more severe than we previously forecasted.

Deutsche Bank analyst Sidney Ho upgraded $Lam Research (LRCX.US)$ to Buy from Hold with a price target of $520, up from $400. Lam has the most memory exposure among large cap semiconductor capital equipment companies, hence its stock has suffered the most in 2022, with many memory suppliers suggesting large spending cuts and new technology export restrictions impacting China's memory companies, Ho tells investors in a research note.

Piper Sandler analyst Arvind Ramnani downgraded $Accenture (ACN.US)$ to Underweight from Neutral with an unchanged price target of $268. The analyst cites the "challenged" technology spend environment in 2023 for the downgrade. While Accenture may have good fiscal Q1 results and reiterate fiscal 2023 targets, management will likely have an "increased tone of caution," Ramnani tells investors in a research note.