US Stock Market Move | The analyst downgraded the target price and rating of Micron Technology, Inc. (MU.US), causing a 5% drop at one point.

On Thursday, Micron Technology, Inc. (MU.US) fell by 5% at one point, due to analysts lowering their target price and rating for the company. As of the time of writing, the stock had fallen by 3.87% to $87.1. Raymond James lowered their target price for the stock from $160 to $125; while BNP Paribas downgraded Micron Technology, Inc. from "outperform" to "underperform" and lowered their target price from $140 to $67. The lowering 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 slowdown is temporary and expects the upswing cycle for DRAM to continue until the second half of 2025. Analyst Karl Ackerman from BNP Paribas believes that Micron's underperformance will continue. The company hit a yearly high of $153 in mid-June, but has mostly been on a downward trend since then.