Micron Technology shares slumped nearly 6% after analysts at Morgan Stanley cut their rating on the group amid a warning that 'winter is coming' for the global memory chip sector.
Morgan Stanley analyst Joseph Moore lowered his rating on the stock by one notch, to 'equal-weight', while slashing his price target by $30 to $75 a share, as the bank noted "a challenging backdrop for forward returns” for Micron as "DRAM conditions lose steam" in its shift from mid to late cycle. Morgan Stanley also cut its rating on South Korean chipmakers SK Hynix.
