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HomeBusinessMicron Technology Downgraded to Hold at Argus

Micron Technology Downgraded to Hold at Argus

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Argus downgraded Micron Technology (NASDAQ:MU) shares to Hold from Buy, reflecting prospects for deep operating losses at Micron over the next few quarters.
During the first quarter of fiscal 2023, the company experienced a 45% decrease in revenue compared to the previous year and reported its first non-GAAP quarterly loss since 2016. The decline in demand for smartphones and consumer electronics has had a negative impact on Micron’s business in recent quarters. Additionally, the weakness in demand for memory products has also extended to the data center and enterprise markets, leading to a challenging environment that is expected to continue for several more quarters.
The analysts are now forecasting a significant non-GAAP loss for 2023. The stock price has fallen 47% since the start of the year. Despite the significantly reduced price, the uncertain timeline for returning to non-GAAP profitability makes it difficult to predict the future outlook for the company. As a result, the analysts do not recommend Micron, even for investors who are aware of the risks associated with investing in memory technology, which tends to be volatile and cause significant fluctuations in stock price.

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