Shares of Micron Technology Inc. MU, -1.63% are down 1.5% in Monday morning trading after BMO Capital Markets analyst Ambrish Srivastava lowered his price target on the stock to $45 from $63 ahead of the company's earnings report on Sept. 20. He has a market perform rating on shares, which recently changed hands at $43.64. "While weakness in NAND pricing has been a concern for some time, the fundamentals in DRAM on the pricing front have decelerated as well," he wrote. "We believe downward estimate revisions for Micron are just beginning." His estimates for the company's fiscal fourth-quarter results, due out Thursday, are about in line with consensus expectations, while his fiscal first-quarter estimates for $8.49 billion in revenue and $2.89 in earnings per share are below. Separately, technology shares are broadly lower amid concerns over trade. The stock has fallen 25% over the past three months, while the S&P 500 SPX, -0.56% has gained 4.1%.
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.