Micron Gets a Rare Bear Call as BNP Paribas Warns on Oversupply
- The double-cut results in Micron’s only sell-equivalent rating
- Shares have tumbled more than 40% off a peak hit in June
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Micron Technology Inc. shares tumbled on Thursday, with the maker of computer memory chips extending a recent selloff as BNP Paribas Exane warned that the stock would continue to underperform others connected to artificial intelligence.
Karl Ackerman downgraded the stock by two notches, to underperform from outperform, becoming the only analyst tracked by Bloomberg to recommend selling the shares. He also cut his price target to a Street-low view of $67, down from $140. In contrast, more than 90% of analysts have the equivalent of buy ratings, and the average price target is $156, more than 80% above its current price.