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Technology Stocks : Semi Equipment Analysis

SOXX 316.33

+1.3%

Dec 10 4:00 PM EST

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Donald Wennerstrom

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From: Sam	11/20/2018 9:18:26 AM
	2 Recommendations Read Replies (1) of 95564

Micron getting downgraded by Baird today, lowering their PT from 75 to 32! Here is what they said a few months ago (June): streetinsider.com Baird reiterated an Outperform rating and $100.00 price target on Micron Technology (NASDAQ: MU) following a recent Asia trip. The trip highlights an incrementally positive outlook on second-half DRAM trends, along with continued price declines in NAND flash. Baird now expects DRAM supply/demand to remain tight through the rest of this year, with 2-3% sequential price increases in each of C3Q and C4Q. Baird also models a sequential NAND pricing decline for 3Q similar to 2Q. -----------------------------------------------------------------------------------------------------' Here is the S.A. announcement of the Baird downgrade today: Micron -5% after two-notch downgrade Nov. 20, 2018 7:30 AM ET\|About: Micron Technology Inc. (MU)\|By: Brandy Betz, SA News Editor Baird analyst Tristan Gerra downgrades Micron (NASDAQ: MU) from Outperform to Underperform and lowers the target from $75 to $32. Gerra cites continued deterioration in DRAM and NAND pricing, which lead the firm "to model eight consecutive quarters of gross margin and EPS contraction." Gerra: "We model DRAM gross margin erosion from recent 71% peak to 50% in C2H20, driven by channel inventory reductions and capacity increases." The firm expects NAND contract pricing to decline in the mid-teens for the next two quarters. China stands as a risk to NAND in 2021. Micron shares are down 5.2% premarket to $34.87. seekingalpha.com

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