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Micron stock falls after BMO downgrade

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Shares of Micron Technology Inc. MU, -0.86% are off 0.7% in premarket trading Tuesday after BMO Capital Markets analyst Ambrish Srivastava downgraded the stock to market perform from outperform and lowered his price target to $55 from $60. He said that datacenter memory fundamentals have been deteriorating for the past few months, a trend he expects to continue for at least the next two to three quarters. "While investors have been concerned about over-ordering and inventory build in the data center market, consensus estimates are not reflective of the weaker pricing environment," Srivastava wrote in a note to clients. "We are hearing of orders being readjusted lower in the hyperscale market, as they relate largely to memory, with more of the readjustments lower being directed towards the DRAM market." Micron shares have added 34% over the past three months as the S&P 500 SPX, +0.11% has gained 39%.

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