Wells Fargo analyst Aaron Rakers lowered the firm’s price target on Micron (MU) to $140 from $175 and keeps an Overweight rating on the shares. While the firm says its datacenter-driven positive thesis is unchanged, it’s “tough” to argue against the weaker Q2-driven selloff in the shares, the analyst tells investors in a research note. Wells says it “underestimated” the consumer-driven inventory correction.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MU:
- Micron downgraded to Neutral at BofA on extended pricing pressure
- Micron downgraded to Neutral from Buy at BofA
- Micron price target lowered to $140 from $175 at Wells Fargo
- KeyBanc ‘disappointed’ with Micron results but stays Overweight
- 3 Best Stocks to Buy Now, 12/19/2024, According to Top Analysts