MU's stock price plummeted 4%.
$Micron Technology (MU.US)$ It did not have a good start on the stock exchange this week. Following the downgrade of the target stock price by analysts tracking the company, the company's stock price dropped nearly 4% and ended the day. This decline was significantly sharper than the 0.3% drop in the S&P 500 stock index.
A $10 price drop.
The target stock price was lowered by Quint Bolton of Needham. Bolton reset Micron's target stock price from $150 to $140 ahead of Monday's market open. Bolton maintained a buy recommendation.
This adjustment was made after the annual semiconductor industry conference held by Needham. At the meeting, Micron management suggested that shipments of memory products in the first quarter of fiscal 2025 (scheduled to start in September) would remain flat compared to the previous quarter. According to Bolton, Micron initially expected shipments to increase slightly.
According to the latest research note from the same analyst, the management has also withdrawn from short-term trading with aggressive pricing and, due to increasing inventory earlier this year, customer demand has become sluggish.
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