Cowen analyst Karl Ackerman downgraded Micron Technology to Market Perform from Outperform and lowered his price target for the shares to $45 from $46. The stock in premarket trading is down 2%, or 86c, to $42.46. The analyst's field work indicates Micron's profitability will decline again in calendar year 2020. The work shows a "confluence of a sea change in the competitive environment" as well as an erosion in the company's NAND cost leadership, Ackerman tells investors in a research note. He thinks this is a "stark contrast to what is contemplated by most investors." Channel checks indicate producers have already undercut each other in supplying server DRAM modules and enterprise solid state drives to data center customers, says the analyst. He believes Samsung's willingness to outgrow the industry in a "fairly depressed demand environment" should stymie Micron's margin progression for the balance of 2019.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here