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MICRON TECHNOLOGY STOCKS FALL ON RATING DOWNGRADE -

23-Jun
20:21 IST

Micron Technology’s stock is currently trading at 49.82-lower by 2.60% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.7%. The stock has continued falling after the opening bell.

BMO Capital Markets downgraded the chipmaker’s stock to market perform from out Perform. The firm also cut its price target on stocks of Micron Technology to $55 from $60. BMO Capital Markets downgraded the stock of the chipmaker saying that the environment for data-center memory chips has worsened over the past few months and it see the trend to continue for at least the next two to three quarters.

The firm’s target price represents a potential upside of 7.53% from the previous closing price of Micron technology. BMO Capital Markets further said that, while market players have been concerned about over-ordering and inventory builds in the data-center market, consensus estimates are not reflective of the weaker pricing environment. Stocks of Micron Technology have fallen about 7% Year-to-date.

On the technical front, the RSI is currently at 52.33% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands and is heading downwards.

Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.

 

TRADE SUGGESTION- LIMIT SELL AT 49.84 TAKE PROFIT AT 49.24 STOP LOSS AT 50.14

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