Micron Technology, Inc. (MU) was reiterated a ‘Buy’ by Stifel analysts on Friday. The broker however, cut its price target on the stock to $15 from $16 after the company reported mixed 3Q earnings and disappointed investors with outlook for this quarter’s revenue. The semiconductor systems provider posted EPS of ($0.08) on revenues of $2.90 billion, down 24.8% from a year ago. Analysts were expecting EPS of ($0.10) on revenues $2.96 billion. Additionally, the company announced a restructuring plan which includes job cuts. Micron said incuring charges are expected to be $70 million. Looking ahead, the company guided Q4 revenues of $2.90-$3.20 billion, as compared to analysts’ expectations of $3.20 billion.
Micron shares sank more than 9 percent on Friday.
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Analysts at Credit Suisse (CS) downgraded SolarCity Corporation (SCTY) from ‘Outperform’ to ‘Neutral’ in a research report issued to clients on Friday.
The t-12-month revenue at SolarCity Corp. is $454.71 million. SCTY ‘s ROE for the same period is (58.3%).
Shares of the $2.34 billion market cap company are down 54.33% year-over-year and 53.10% year-to-date.
SolarCity Corp., currently with a median Street price target of $30 and a high target of $50, dropped $0.10 to $23.83 in recent trading.
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In a report published Friday, Macquarie analysts initiated coverage on GameStop Corp. (GME) with an ‘Outperform’ rating and $36 price target. The firm believes GameStop is run by a capable management team which will be able to provide significant cash from the existing business to aid in the transition to digital.
Currently there are 6 analysts that rate GME a ‘Buy’, 7 rate it a ‘Hold’. One analyst rates it a ‘Sell’. GME has a median Street price target of $35.50 with a high target of $45.00.
In the past 52 weeks, shares of Grapevine, Texas-based company have traded between a low of $24.33 and a high of $47.83 and are now at $27.01.
Shares are down 37.08% year-over-year and 2.87% year-to-date.
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Shares of Skyworks Solutions (SWKS) are down $0.96 to $62.67 in mid-day trading as the company’s rating was cut this morning to ‘Neutral’ from ‘Buy’ at Mizuho Securities. Additionally, the Woburn, MA-based semiconductor company’s price target was slashed to $68 from $99.
Shares of the $11.92 billion market cap company are down 38.20% year-over-year and 16.94% year-to-date.
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