Morgan Stanley Downgrade Of Micron Trumps Positive Barron's Ink

em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Micron Technology MU shares are trading lower by $1.04 at $24.09 in Monday's session. Despite some positive comments in Barron's over the weekend, the issue is being dragged down by a Morgan Stanley downgrade. Before the open, the 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 at $25.13. The ratings change instigated a sharply lower opening ($24.22) and rallied only on penny before collapsing under $24, reaching $23.70 before staging a rebound back over $24. That marks the lowest level for this issue since it bottomed on April 17, 2014 at $23.30 on its way to its multi-year high.