Micron Technology Inc (NASDAQ:MU) was down in premarket trading Friday.

U.S. stock futures also fell Friday ahead of February employment data, with Nasdaq 100 futures dropping 0.49%.

South Korean Memory Stocks Pull Micron Down

Micron is one of the largest semiconductor companies in the world, specializing in memory and storage chips. Its primary revenue stream comes from dynamic random access memory, or DRAM, and it also has minority exposure to NAND flash chips.

Rival memory chipmakers tumbled on the Korea Exchange on Friday.

Samsung Electronics Co Ltd (OTC:SSNLF) fell 1.77%, closing at 188,200 South Korean won. SK Hynix Inc dropped 1.81% to 924,000 won.

Cramer Flags South Korean Spillover Risk

CNBC’s Jim Cramer flagged this dynamic earlier this week.

“Beware of South Korean spillover into our markets,” Cramer wrote on X, naming Micron among stocks he called “all still vulnerable.”

Technical Analysis

Micron has shown a remarkable 12-month performance with a gain of 344.77%, indicating strong investor confidence and market momentum.

However, the stock is currently trading 4% below its 20-day simple moving average (SMA) of $406.13, yet it remains 29.8% above its 100-day SMA of $300.60.

The RSI stands at 50.31, indicating a neutral market momentum.

Earnings & Analyst Outlook

Micron is set to report earnings on March 18.

• EPS Estimate: $8.56 (Up from $1.56 YoY)
• Revenue Estimate: $19.10 billion (Up from $8.05 billion YoY)
• Valuation: P/E of 37.7x (Indicates premium valuation)

The stock carries a Buy Rating with an average price target of $377.

Recent analyst moves include:

• UBS: Buy (Raises Target to $475.00) (Mar. 2)
• Stifel: Buy (Raises Target to $550.00) (Mar. 2)
• Needham: Buy (Raises Target to $450.00) (Feb. 17)

MU Price Action: Micron Technology shares were down 2% at $389.12 during premarket trading on Friday, according to Benzinga Pro data.

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