Cypress Semiconductor Falls on Downgrade While Micron Gains

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Cypress Semiconductor

(CY) - Get Report

was down 6.8% in early trading after

Prudential Securities

downgraded it to accumulate from strong buy and cut its price target to $42 from $75, saying slowing telecom spending may hurt revenue.

Micron Technology

(MU) - Get Report

was up 1.7% after

ABN Amro

cut its 2001 earnings estimate to $2 per share from $3.70 but maintained its buy rating and 12-month target of $70.

Banc of America

upgraded Micron to strong buy from buy and raised its target to $50 from $40. The

Semiconductor Index

was up 1.1%.