Chip stocks have been hit especially hard amid the broader sell-off in technology names. And one of the sector heavyweights -- Micron -- is really feeling the pain. The stock is down 44% from its 52-week intraday high of $64.66, and some think there's no end in sight.
On Tuesday Baird analyst Tristan Gerra downgraded the company to underperform. "Continued deterioration in both DRAM and NAND pricing leads us to model eight consecutive quarters of gross margin and EPS contraction," Gerra wrote in a note to clients. He also slashed his price target on the stock from $75 to $32. Micron closed at $36.12 on Tuesday, which means Gerra sees another 11.4% downside ahead.