Micron (MU) - Get Micron Technology, Inc. (MU) Report shares were down 1.9% in trading Monday after analysts at Cowen downgraded the stock to market perform from outperform while also lowering their price target to $45 from $46 per share. 

The price target represents a 4% upside from the stock's previous closing price of $43.32 on Friday.

Analyst Karl Ackerman updated his outlook after field work he conducted suggested that Micron's profitability will decline again in calendar 2020. 

His checks revealed a "confluence of a sea change in the competitive environment," as well an erosion in the company's NAND semiconductor cost leadership. Ackerman already has seen rivals undercut each other in supplying server DRAM modules and other products to data center customers. 

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Micron shares have risen 37% year to date, but the stock has taken a hit over the past 12 months, dropping 10% over that time period.