Piper Sandler analyst Harsh Kumar downgraded Micron n Technology to Underweight from Neutral with a price target of $70, down from $90. The downgrade is due to the company’s “oversized exposure” to mobile, PCs, and other consumer end markets and the associated trends in the macroeconomy, Kumar tells investors in a research note. Micron has roughly 55% exposure to PCs, mobile, and other markets, and the DRAM market, which represents over 70% of total revenue, has already started to see price declines for most configurations, says the analyst. Kuma continues to view memory as “largely a commodity market,” and feels Micron is likely to underperform. He prefers “differentiated companies with less consumer exposure.”