Analysts Mixed On Micron Tech As It Reaches Two Year Lows

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

Micron Tech MU shares are trading lower by $0.30 at $16.65. The issue is getting attention from Wall Street analyst as the issue flirts with fresh two year lows. On the bear side is Wedbush who downgraded the issue from Outperform to Neutral and reduced its price target from $26 to $19. Wedbush analyst, Betsy Van Hees does not expect DRAM supply/demand to improve until mid-2016. On the bull side is Wells Fargo, who upgraded the issue from Underperform to Market Perform. Also, Summit's Sundararjan reduced his price to $25, but still maintains a Buy rating as he feels ‘things can only get better, hopefully' for the beaten down issue. After a lower open, Micro Tech retreated to $16.12 before staging a rebound that has turned back ahead of $17, only reaching $16.78 thus far. The current intraday flow coincides with its October 2013 low at $16.17