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Micron Shares Drop Following This Analyst Downgrade – Read Why

Piper Sandler analyst Harsh Kumar downgraded Micron Technology, Inc (NASDAQ: MU) from Neutral to Underweight and lowered the price target from $90 to $70. Kumar expressed concerns about Micron’s over 50% exposure to consumer-like markets such as PCs, mobile, and others when the global economy will likely face headwinds. Kumar expects the company’s chip business catering to the auto industry to suffer due to rising rates, a slowing economy, and the possibility of an excess inventory build. Kumar

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