Morgan Stanley analyst Joseph Moore downgraded Micron Technology to Underweight from Equal Weight with an unchanged price target of $56. The analyst takes issue with the recent sentiment that Micron’s weaker guidance “clears the decks” and makes the stock set up for better outcomes. While Micron likely guided conservatively relative to its outlook at the time, the market continues to deteriorate, both volume and pricing, Moore tells investors in a research note. He says the stock has rallied while market conditions are worsening.
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