Micron Technology (MU) -Get Report and other chip stocks were falling Thursday, but Nvidia (NVDA) was bucking the trend.
The iShares PHLX Semiconductor ETF (SOXX) was down 1.4% at closing. Micron, the biggest decliner in the benchmark chip index, fell 5.7% to $80.11.
Other semiconductor industry companies losing ground Thursday included Applied Materials (AMAT), down 3.1%; Lam Research (LRCX) -Get Report, off 2.7%, and Texas Instruments (TXN) -Get Report was off nearly 1%.
Video Preview: How the Foundation of Crypto Is Changing Fintech - VanEckWatch this exclusive conversation, The Evolution of Blockchain: How the Foundation of Crypto Is Changing Fintech. A free webinar with premiere experts, sponsored by VanEck.Volume 90%
Shares of Nvidia, however, were up 1.1%, afterBMO Capital Marketsanalyst Ambrish Srivastava raised his price target on the chip titan to $1,000 from $75 and affirmed an outperform rating.
The target on the Santa Clara, Calif., company is the highest on Wall Street, according to Bloomberg.
Micron Technology shares fell even after the company reportedfiscal-third-quarternet income per share more than doubled on 36% higher revenue.
For the quarter ended June 3, Micron earned $1.74 billion, or $1.52 a share, compared with $803 million, or 71 cents, in the year-earlier quarter. The latest adjusted earnings were $1.88 a share. Revenue reached $7.42 billion from $5.44 billion.
Several analysts raised their price targets for Micron, but UBS analyst Timothy Arcuri lowered the firm's price target to $110 from $120, while keeping a buy rating, according to the Fly.
He noted that the company's cycle commentary should address investors' concerns regarding sustainability, but the management's outlook on cost and capital expenditures "take a bite" out of 2022 free cash flows.
TheStreet FounderJim Cramer said"there's a lot of people saying 'PCs peaked,' and that's bad for Micron."
Cramer added that CEO Sanjay Mehrotra "did not say what I wanted to hear, which is, 'look everything is on allocation.'"
"And because he didn’t do that," Cramer said, "people are saying 'you know what, it’s time to focus on other semis, and go up the food chain, not down.' And that would be Nvidia."