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Baird Is No Longer Bullish On Micron, Here's Why

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In a report issued Friday, Baird analysts Tristan Gerra and Jaime A. Viteri downgraded shares of Micron Technology, Inc. (NASDAQ: MU) to Neutral, while trimming their price target from $36 to $15. They anticipate blended DRAM pricing could tumble by more than 20 percent by the beginning of next year, “down to fully loaded costs before capacity cuts take place.”

The Downturn

Moreover, the note added, PC DRAM pricing could fall by more than 30 percent between the present and early 2016, as PC units may be flat – sequentially- in the third and fourth quarter of 2015, while softness in wireless...