Micron Technology Inc MU shares are trading lower Wednesday after multiple analysts lowered their price targets. Mizuho also downgraded the chip stock. 

Mizuho analyst Vijay Rakesh downgraded Micron from Buy to Neutral and lowered the price target to $56 from $75, citing increasing competition and macro headwinds. 

Wells Fargo analyst Aaron Rakers maintained Micron with an Overweight and lowered the price target to $75 from $90. Rakers noted that the chip industry is showing weakness, which creates an unfavorable setup heading into the company's earnings results.

Micron is scheduled to report its fiscal fourth-quarter financial results after the market closes on Sept. 29. The company is expected to report earnings of $1.32 per share on quarterly revenue of $6.71 billion, according to Benzinga Pro.

Stifel analyst Brian Chin also initiated coverage on Micron Wednesday. The Stifel analyst put a Hold rating on the stock and announced a $56 price target. 

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MU Price Action: Micron has a 52-week high of $98.45 and a 52-week low of $50.59.

The stock was down 2.32% at $49.62 at time of publication.

Photo: courtesy of Micron.