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Morgan Stanley's Micron Downgrade Trumps Barron's

Joel Elconin

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Micron Technology, Inc. (NYSE: MU) shares are trading lower by $0.97 at $24.16 in Monday's session.

Despite some positive comments in Barron's over the weekend, the issue is being dragged down by a Morgan Stanley downgrade.

Before the open, Morgan Stanley lowered its rating from Equal-weight to Underweight, and lowered its price target from $30 to $21.

The issue, which reached a fourteen-year high in December at $36.59, had been in a steady downtrend this year, reaching $24.71 on Friday before rebounding to close the week at $25.13.

Monday's ratings change instigated a sharply lower opening ($24.22), and shares rallied by just a penny before collapsing under $24, dropping to support of $23.70.

That marks the lowest level for this issue since it bottomed on April 17, 2014 at $23.30.

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