Micron: stock falls on broker comments
(CercleFinance.com) - Micron Technology shares fell about 2% in New York yesterday, following Wedbush's comments, which slashed its target price for them to 85 dollars from 120 dollars, while maintaining its "outperform" rating, the day after the semiconductor group released its Q3 2021-22 results.
Analysts say that the focus should be on the sharply reduced guidance for Q4, due to deteriorating markets in what is typically a seasonally strong period.
Wedbush remains positive on the stock, however, still believing that Micron has significantly improved its competitive position in both the DRAM and NAND markets, which should enable it to outperform its peers, even in a downturn.
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Analysts say that the focus should be on the sharply reduced guidance for Q4, due to deteriorating markets in what is typically a seasonally strong period.
Wedbush remains positive on the stock, however, still believing that Micron has significantly improved its competitive position in both the DRAM and NAND markets, which should enable it to outperform its peers, even in a downturn.
Copyright (c) 2022 CercleFinance.com. All rights reserved.