Micron Technology, Inc. (MU) shares slipped 3.7% as of 8:19 a.m. in New York.
Goldman analyst Mark Delaney downgraded Micron to neutral from a buy, reducing his price target to $50 from $68.
"Micron is one of these stocks that is at a crossroads, it's seen as one of the ultimate cyclical stocks."
Michael Dzialo, President and CIO of Managed Asset Portfolios said, "We are not bearish on the stock and the slide might be a good opportunity for some to add to their holdings."
Managed Asset Portfolios holds 319,233 shares of Micron.
Goldman's shakeup of its semiconductor coverage is reflective of the broader jitters investors feel about the space and how each company will fare in the escalating global trade war.
The firm lowered targets on Western Digital and Seagate Technology STX and took Entegris off its conviction list.
Lam Research declined 2.1%, Western Digital slumped 1.3% in pre-market trading.
"The bulls are saying there is a growing demand for memory, so they can break out of the cycle," Dzialo said.
- Kevin Curran contributed reporting to this story.