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.
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