Shares of Micron Drop Following Bank of America Merrill Lynch Downgrade

Shares of Micron Technology MU fall as much as 4.48% to $21.22 following Bank of America Merrill Lynch downgrade from Neutral to Underperform and $1 price target decrease to $19.50. Bank of America Merrill Lynch analyst Simon Dong-je Woo reported that he expects the stock performance of Micron to weaken and noted that the company is now one of the "least preferred" memory stocks. The analyst wrote on the increasing competitive threat from SK Hynix after reports of new factory construction and expects DRAM spot price to drop on increased supply. Micron Technology closed at $22.17 on Friday.