Micron stock jumps after Bernstein upgrade [MarketWatch]
Micron Technology, Inc. (MU)
Last micron technology, inc. earnings: 3/25 04:01 pm
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Source: MarketWatch
Micron stock jumps after Bernstein upgrade Shares of Micron Technology Inc. MU, +7.05% are up 6% in Wednesday trading after Bernstein analyst Mark Newman upgraded the stock to outperform from market perform. The upgrade follows a sharp selloff in memory shares over the past few months. "For Micron, although we still see up to 20% potential further downside in the worst scenario (back to 0.85x book as seen in the 2015/16 downturn), the risk/reward is now too attractive to ignore," Newman wrote. He argued that the recent memory downturn has been quicker than usual, which suggests to him that a rebound might also take place earlier than in past corrections. "We now forecast memory industry profits to bottom in Q2'19 before stabilizing in 2H'19 and recovering in 2020," he wrote. Micron shares are down 15.3% over past three months, while the S&P 500 SPX, +0.63% has dropped 10.2% over the same time. Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails
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MU
News
- Biden, Seeking to Build on Fruitful Week, Announces Billions in Chip Grants [The New York Times]The New York Times
- Micron's $6.1B CHIPS Act Funding Propels Major Expansion In US [Yahoo! Finance]Yahoo! Finance
- Huawei-led firms receive Chinese backing to build advanced AI chips: report [Seeking Alpha]Seeking Alpha
- Biden, Seeking to Build on Fruitful Week, Will Announce Billions in Chip Grants [The New York Times]The New York Times
- Biden to announce preliminary deal with Micron for up to $6.14 bln in chip grants [Reuters]Reuters
MU
Earnings
- 3/20/24 - Beat
MU
Sec Filings
- 4/25/24 - Form 4
- 4/23/24 - Form 4
- 4/22/24 - Form 4
- MU's page on the SEC website