NEW YORK (TheStreet) -- Shares of Micron Technology Inc (MU) were slumping, down 5.29% to $23.80 in early market trading Monday, after analysts at Morgan Stanley lowered its rating on the semiconductor company this morning.
The firm downgraded Micron Technology to "underweight" from "equal weight" from "overweight" with a lower price target of $21 from $30.
Morgan Stanley analysts pointed to the chip maker's weaker seasonal surge in orders.
The firm also noted that the increase in orders are happening later than usual.
Boise, Idaho-based Micron Technology is a global manufacturer and marketer of semiconductor devices, principally NAND Flash, DRAM and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.
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."
Highlights from the analysis by TheStreet Ratings Team goes as follows: