Micron Technology Shares Slide 2% As Goldman Downgrades To Neutral

Shares of Micron Technology Inc. slid 2% Monday, after Goldman Sachs downgraded the stock to neutral from buy after the stock's strong gains since February 28. That was the date Goldman added it to its Americas Buy List, a call made at a time when Goldman's estimates for the company were well above the Street consensus. "Street estimates for FY17/18 have increased by 70% and 72%, respectively, on better memory prices and margins, and while our FY17E EPS estimate is still 5% above the Street, our FY18 EPS estimate is now 23% below," analyst Mark Delaney wrote in a note. Goldman lowered its price target on the stock to $30 from $32. Delaney said he believes the DRAM upturn is in the mid to late stages and said channel checks suggest it is expected to slow. Shares have gained 26% in 2017, while the S&P 500 has gained 7%.