NEW YORK (TheStreet) -- Shares of Micron Technology Inc (MU) were falling, down 0.82% to $24.29 in late morning trading Wednesday, after analysts at Needham lowered their price target on shares to $40 from $50 this morning.
Additionally, the firm cut its earnings estimates for Micron after its channel checks revealed continued PC weakness amid excess supply.
Still, Needham analysts maintained its "strong buy" rating, saying shares look "egregiously inexpensive" at current levels.
Needham recommends buying the stock on weakness, and sees "several catalysts" to drive its gross margin higher over the next few quarters.
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."