Morgan Stanley Downgrades Nanya Tech, Winbond, Favors Macronix on MLC and NAND Shortages
The memory market is diverging as supply-demand conditions and product mixes shift. Slowing DDR4 price gains and capacity expansion by ChangXin Memory Technologies could squeeze earnings at Nanya Technology and Winbond Electronics. By contrast, tight supplies of MLC and legacy TLC NAND could position Macronix International to benefit from shortages and rising prices.
Morgan Stanley downgraded Nanya Technology and Winbond in its latest report, citing moderating DDR4 price increases and pressure from new ChangXin Memory Technologies capacity. It turned bullish on Macronix, forecasting sharp price increases for MLC and legacy TLC NAND in 2026. The event data did not provide the report’s publication date or target prices.
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