‘Micron Can Chip Away at SK Hynix’s Market Share’: MU Stock Slides despite Bullish Call

Financial services firm Philip Securities believes that American memory chipmaker Micron (MU) “can chip away” at market leader SK Hynix’s (HK:7709)  share of the market when its next-generation high bandwidth memory (HBM4) goes into full production after its second quarter. However, the bullish call failed to excite investors as Micron’s shares fell about 1% early Monday, extending the about-5% drop on Friday.

Philip Securities analyst Yik Ban Chong kicked off coverage of MU with a Buy rating and backed his call with a $500 price target, implying about 21% upside.