Micron Technology Falls 12% on Downgrades by Morgan and PaineWebber - TheStreet

Micron Technology

(MU) - Get Report

was down 12.1% in early trading after

Morgan Stanley Dean Witter

cut it to outperform from strong buy and


lowered it to attractive from buy.

PaineWebber also slashed its 12-month target for the chipmaker to $50 from $110. Semiconductor stocks were broadly lower. The

Philadelphia Stock Exchange Semiconductor Index

was down 2.4%.