Micron Technology, Inc. (NASDAQ:MU) slipped 1.82% in pre-market trading down to $15.61 after Baird analyst Tristan Gerra downgraded the company from Outperform to Neutral and slashed his price target from $36 to $15. The semiconductor company has been struggling amid concerns surrounding the decline of the PC. Although the company tried to keep analysts enthused about its future investments at last week’s analyst conference, analysts remain concerned about the decelerating market for both DRAM and NAND chips. Furthermore, average selling prices are falling and share prices have been steadily declining in the last 12 months. One year ago, shares of MU were trading at approximately $33. Shares last closed at $16.38, marking a 50% decrease and a recent new 52-week low of $15.88. According to the 27 analysts polled by TipRanks in the last 3 months, 17 are bullish on Micron, 9 are neutral, and 1 is bearish. The average 12-month price target is $26.44, marking a 66% potential upside from where shares last closed.
Walt Disney Co (NYSE:DIS) fell 1.72% in pre-market trading down to $104.62 after Bernstein analyst Todd Juenger downgraded his rating on the company from Outperform to Market Perform and lowered his price target from $125 to $114. Juenger downgraded the company because of his belief that the TV industry is beginning a “prolonged structural decline.” He notes that viewers are beginning to shy away from advertisement-supported platforms towards innovative companies, supposedly like Netflix. Juenger comments that his doubts do not only apply to Disney but the media sector as a whole. Out of the 18 analysts polled by TipRanks in the last 3 months, they are split down the middle with 9 bullish analysts and 9 neutral analysts. The average 12-month price target on Disney is $120.03, marking a 13% potential upside from where shares last closed.
Amira Nature Foods Ltd (NYSE:ANFI) shares plummeted -16.56% in pre-market trading down to $3.88 after the packaged food company announced it fired its auditor, Deloitte. This move comes after Deloitte requested that its Audit Committee would keep independent investigators into red flags raised by a short-seller report from late July. New independent auditors will immediately begin to comb through the company’s financial results. Shares of the company are trading near its 52-week low of $4.56, down from the 52-week high of $19.86. According to TipRanks, 1 analyst has rated the stock in the last 3 months, providing a bullish rating though without a price target.
Celsus Therapeutics PLC (ADR) (NASDAQ:CLTX) shares soared nearly 25% in pre-market trading up to $4.94 today, adding to the 287% jump shares experienced yesterday after the biopharmaceutical company announced a $75 million private placement. Private placement, or a non-public offering, is a method of raising capital. Celsus and Volution Immuno Pharmaceuticals SA announced a security purchase agreement with a group of investors. Once the private placement is approved and closed, the combined company will be called Akari Therapeutics Plc and will trade on the NASDAQ under the ticker AKTX. Akari will then receive about $70 million in net proceeds based on the recent closing bid price of $0.61.