Needham & Company Downgrades Micron Technology (MU) to Hold
Needham & Company analyst Rajvindra Gill downgraded Micron Technology (NASDAQ: MU) from Buy to Hold.
The analyst comments "Micron issued F2Q19 (Feb) guidance significantly below consensus (missed by 17%) based on weakening demand conditions (high-end smartphones and graphics), inventory adjustments at hyperscale customers and seasonal weakness. Micron is confident that demand will reaccelerate in C2H19 and that it can navigate through this period of inventory workdown; however, we are concerned that demand conditions could worsen further and place further pressure on margins. While we are hesitant about downgrading at this valuation level, we believe the overall demand environment will remain murky for at least the next six months and therefore we move to the sidelines."
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Shares of Micron Technology closed at $31.64 yesterday.