A Wall Street firm initiated coverage on 14 chip stocks on Thursday, giving sell ratings to Micron Technology (MU) and Texas Instruments (TXN).
UBS analyst Timothy Arcuri set 12-month price targets of 35 on Micron and 85 on TI.
Micron shares were down 6.3%, near 50, in afternoon trading on the stock market today. Texas Instruments stock was down 2.1%, near 102.10.
He is negative on Micron because of concerns about the memory chip cycle heading toward a low. Arcuri also has cyclical...