Markets & Finance

Morgan Stanley Cuts Micron Technology to 'Underweight'

Morgan Stanley downgraded Micron Technology (MU) to underweight from equal-weight.

Analyst John Cross says he believess Micron Technology is well positioned in the dynamic random access memory (DRAM) market, and is a fierce global competitor that is likely to be the prime beneficiary of market consolidation. But he says he also thinks the stock is likely to be under pressure near term. Cross cut his rating to underweight in an attractive industry. He maintains his $0.02 fiscal 2002 (Aug.) EPS estimate, and $1.50 for fiscal 2003.

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