Why Micron Technology Stock Tumbled by 4% Today

Veteran computer memory products maker Micron Technology (NASDAQ: MU) didn't exactly get off to a roaring start on the stock exchange this week. The company's shares ended the day almost 4% lower, following a price target cut from an analyst tracking the company. That slide was notably steeper than the 0.3% dip of the S&P 500 index. The pundit making the cut was Needham's Quinn Bolton. Before the market open Monday, Bolton reset his Micron price target to $140 per share from the previous $150. That wasn't enough to change the recommendation, though, as the analyst maintained his buy rating. The adjustment came on the heels of Needham's annual semiconductor industry conference. During the event, Micron management intimated that shipments of its memory products would be essentially flat sequentially in its fiscal first quarter of 2025 (which is to begin in September). Originally, Micron had forecast that, collectively, shipments would "strengthen modestly," according to Bolton.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool