Micron's (MU) shares drop, analyst says the co. won't rebound 'at any point' in 2019

NASDAQ: MU | Micron Technology, Inc. News, Ratings, and Charts

MU – Shares of Micron Technology Inc. dropped 4.4% in morning trade Monday after analyst Joseph Moore at Morgan Stanley said he doesn’t see a rebound “at any point” in 2019.

Shares of Micron Technology Inc. MU, -3.76% dropped 4.1% in morning trade Monday, to pace its semiconductor peers, after analyst Joseph Moore at Morgan Stanley said he doesn’t see a rebound “at any point” in 2019 for the memory chip maker, especially for DRAM. Moore reiterated his equal weight rating and $33 stock price target, which was about 4.4% below current levels. Management confidence in a second-half recovery in DRAM has helped boost the stock, but Joseph would argue that it is a bad thing, and by contrast, the negative view on NAND by all producers would be a positive long term indicator. The stock had run up 24% from its 16-month closing low of $29.02 on Dec. 24 through Friday. Despite the recent bounce, Micron shares have still tumbled 18.7% over the past three months, while the PHLX Semiconductor Index SOX, -1.28% has shed 4.8% and the S&P 500 SPX, -0.50% has declined 6.7%.

Micron Technology Inc. shares were trading at $34.69 per share on Monday morning, down $1.32 (-3.67%). Year-to-date, MU has gained 9.33%, versus a 3.11% rise in the benchmark S&P 500 index during the same period.

MU currently has a StockNews.com POWR Rating of D (Sell), and is ranked #45 of 92 stocks in the Semiconductor & Wireless Chip category.

This article is brought to you courtesy of MarketWatch.

MU at a Glance

MU Current POWR Rating™
Overall POWR Rating™
MU Current Price $40.39 0.39%
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MU Price Reaction

The day of this event (Jan. 14, 2019)
MU Closing Price$34.67 3.72%
MU Volume34,611,900
19.77% from avg
Leading up to this event
MU 1-mo return5.29%
After this event
MU 1-day return5.94%
MU 3-day return6.29%
MU 5-day return6.32%

MU Price Chart

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