Morgan Stanley's Micron Downgrade Trumps Barron's
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Micron Technology, Inc. (NYSE: MU) shares are trading lower by $0.97 at $24.16 in Monday's session.
Before the open, Morgan Stanley lowered its rating from Equal-weight to Underweight, and lowered its price target from $30 to $21.
The issue, which reached a fourteen-year high in December at $36.59, had been in a steady downtrend this year, reaching $24.71 on Friday before rebounding to close the week at $25.13.
Monday's ratings change instigated a sharply lower opening ($24.22), and shares rallied by just a penny before collapsing under $24, dropping to support of $23.70.
That marks the lowest level for this issue since it bottomed on April 17, 2014 at $23.30.
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