NEW YORK (TheStreet) -- Shares of Micron Technology (MU) - Get Report are dropping, down 18.48% to $19.58 in morning trading on Friday, after Credit Suisse lowered its price target to $34 from $50 while maintaining its "outperform" rating.

Yesterday, Micron Technology reported earnings of $0.42 per share for the fiscal third quarter 2015, compared to $0.68 earnings per share in the same period last year. Revenue for the third quarter was $3.85 billion, 8% lower compared to the second quarter this year and 3% lower than the third quarter of fiscal 2014.

"The company will not have meaningful production on 20nm in the next quarter, and it is not clear if there will be meaningful DRAM bit growth in the November quarter this year," Credit Suisse analysts said.

Both in DRAM and NAND are under-shipping the market, and they have adverse pricing in DRAM, according to Thomson Reuters.

Micron Technology makes both dynamic random access memory (DRAM) chips, used mostly in personal computers, and NAND memory chips for storing music, pictures and other data on smartphones, cameras and other mobile devices.

Insight from TheStreet Rating's Team:

TheStreet's Doug Kass recently commented on Micron Technology in a post for Here is what Kass had to say:

Micron Technology (MU) just issued a huge reduction in forward sales guidance.

The company now sees fourth-quarter revenues of only $3.45 billion to $3.70 billion, compared to the previous consensus of $4.16 billion.

- Doug Kass, Micron Miniaturizes its 4Q Outlook, Originally Published on 6/25/15 on Real Money Pro.

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Separately, TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow."

You can view the full analysis from the report here: MU Ratings Report