Shares of Micron Technology (MU) fell on Thursday after the chipmaker warned of a slowdown in consumer-focused markets and some analysts lowered their outlook for the company.

Micron said late Wednesday that current-quarter revenue would be about $7.9 billion, well below estimates. The company pointed to a weaker-than-expected PC replacement cycle and slowing demand for its products in the automotive and industrial sectors.

That news, along with bearish assessments from various Wall Street analysts, caused the stock to recently fall 16% to below $88 – about its lowest level since September – making the stock one of the biggest losers in the S&P 500 recent trading has been.

Bank of America Securities downgraded the stock to Neutral from Buy and lowered its price target to $110 from $125, below the Visible Alpha average of about $129. The BofA analysts said Micron’s “weakness in the PC and phone markets is putting downward pressure on memory prices,” particularly for its NAND flash memory semiconductor. They added that they expect gross margin “to remain weak in the second and even third quarters.”

Citi on Thursday maintained its “buy” rating and $150 price target, but cut its own estimates for profit and revenue over the next two years. Citi now expects fiscal 2025 earnings per share (EPS) of $6.75 and revenue of $34.6 billion, compared to previous forecasts of $8.27 billion and $37.7 billion, respectively -Dollar.

For 2026, Citi expects earnings per share of $13.31 and revenue of $45.0 billion. The previous forecast was for earnings per share of $15.49 and revenue of $45.5 billion.

Wedbush Securities wrote in a note to clients on Thursday that it sees “better days ahead for Micron.” They argued that the headwinds the company faces are only “temporary in nature.” Wedbush maintained its “Outperform” rating and $125 price target.