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Updated June 13, 2022 1:37 pm ET / Original June 13, 2022 10:35 am ET
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Micron Technology stock was sliding Monday after the memory chip provider got its second downgrade in less than two weeks despite being one of the cheapest stocks in the market.
Summit Insights analyst Kinngai Chan lowered his rating to Hold from Buy on Micron’s stock as he no longer expects the memory market’s demand-supply dynamics to improve this year. The company received a Sell-equivalent rating from Piper Sandler’s Harsh Kumar earlier this month.