US Stock Market News | Micron Tech's stock price dropped by 5% after being downgraded by analysts in target price and rating

On Thursday, Micron Technology fell by 5% at one point due to analysts lowering their target price and rating on the company. As of the time of publication, the stock has fallen by 3.87% to $87.1. Raymond James lowered the target price of the stock from $160 to $125; BNP Paribas downgraded Micron Technology from "outperform" to "underperform" and reduced the target stock price from $140 to $67. The downward revision of Micron's target price reflects a recent slowdown in sales growth in the non-high-bandwidth memory DRAM and NAND markets. However, Raymond James believes this is just a temporary slowdown and expects the upward cycle of DRAM to continue until the second half of 2025. BNP Paribas analyst Karl Ackerman stated that he expects Micron's poor performance to persist. Micron reached a yearly high of $153 in mid-June, but has been mostly declining since then