Wall Street Splits on Biotech and Chips

Analysts are divided this week. Amgen took the hardest hit. The $221bn biotech was downgraded. The consensus shifted from four buys to five buys before the change landed — but the rating direction is now firmly down. Short interest sits at just 2.2% of free float, so bears aren't piling in yet.

Micron Technology got the opposite treatment. Analysts raised the average target price to $1,515. The consensus remains heavily bullish. 44 analysts carry buy ratings against just five holds. With a market cap of $1.24 trillion, that target implies further upside from current levels.

General Electric saw a target cut from Jefferies. Analyst Sheila Kahyaoglu trimmed her price target to $435 from $455. She kept her Buy rating, but the direction signals some caution on the aerospace giant.

AutoZone also caught a target reduction. Roth Capital's Scott Stember cut to $3,850 from $4,023 — still a Buy — suggesting a slower auto parts spending environment.

Global Payments lost a recommendation entirely. Its consensus now shows 19 holds versus just one buy. With 6.3% of free float sold short, sentiment on the payments group remains cool.