Morgan Stanley analyst Joseph Moore lowered his rating on Micron to "equal-weight," while slashing his price target by $30 to $75 a share.
Morgan Stanley noted "a challenging backdrop for forward returns” for Micron as "DRAM conditions lose steam" in its shift from mid to late cycle.
Jim Cramer explained why the bad news for Micron (MU) - Get Micron Technology, Inc. (MU) Report could be a boon for Apple (AAPL) - Get Apple Inc. (AAPL) Report and Cisco (CSCO) - Get Cisco Systems, Inc. Report in the video above.
Recap TheStreet Live: Everything Jim Cramer Is Watching 8/12/21
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