Micron Stock Is Slumping After a Downgrade. Why the Analyst Fears the Consumer.

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Updated June 3, 2022 8:30 am ET / Original June 3, 2022 8:09 am ET

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Micron Technology stock was slumping in premarket trading Friday after the memory chip manufacturer received the first Sell-equivalent rating since February.

Piper Sandler analyst Harsh Kumar downgraded Micron (ticker: MU) to Underweight from Neutral on Friday, citing concerns over the company’s oversize exposure to consumer markets that will struggle amid macroeconomic uncertainty. Kumar also lowered his price target to $70 from $90.


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