We recently compiled a list of the 10 Biggest Losers of This Week.In this article, we are going to take a look at where Micron Technology Inc. (NASDAQ:MU) stands against the other stocks.
Wall Street’s main indices all finished in the green during a shortened trading session this week, yet 10 companies–mainly technology stocks– still booked significant losses in their valuations. Let’s take a look at the extent of each company’s losses and the potential factors that could have dampened investor sentiment.
To come up with the biggest losers this week, we considered only the stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.
A close-up view of a computer motherboard with integrated semiconductor chips.
Shares of Micron Technology (MU) registered a whopping 18.95-percent decline in the last five trading days to finish Tuesday’s trading down to $89.28 apiece from the $110.15 close on Wednesday.
According to analysts, investor appetite was dampened by institutional investors’ recent revisions on the company’s share prices.
A recent analysis by financial institutions has led to adjustments in the price targets for Micron Technology’s shares.
JPMorgan Chase & Co., for instance, reduced its stock price estimate to $145 from $180 apiece, while maintaining an “overweight” stance.
Barclays also revised its evaluation, lowering the price target from $145 to $110, yet still regarding it as “overweight.”
Collectively, analysts’ adjustments placed the average price target for the company at $135.24, with most recommending a “moderate buy” stance.
Overall MU ranks 3rd on our list of the biggest losers of this week. While we acknowledge the potential of MU as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than MU but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.