Stock Update: Micron Technology Inc (NASDAQ:MU) – Micron shares rise after Crucial releases power-surge proof memory

[at CNBC] – Micron gained more than 3 percent after Crucial unveiled a new type of server memory designed to protect data from power surges. Read more on this. Micron Technology, Inc. (MU) , valued at $13.22B, began trading this morning at $12.54. Looking at the equity, the company’s one day range is $12.42 to $12.83 and has traded between $9.31 and $24.49 over the past 12 months. MU shares are currently priced at 88.00x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 12.63x earnings multiple. According to a consensus of 24 analysts, the earnings estimate of $-0.09 per share would be $0.54 better than the year-ago quarter and a $0.05 sequential increase. Furthermore, our analysis shows the full-year EPS estimate to be $0.14, which would be a $2.55 setback when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.96 Billion. If reported, that would be a 23.12% decrease over the year-ago quarter. In terms of ratings, Robert W. Baird upgraded MU from Neutral to Outperform (May 31, 2016). Previously, Raymond James upgraded MU from Outperform to Strong Buy. Given all the information above, we should disclose to readers that the average price target is $14.00, which is 11.64% above than it opened this morning. See more in (NASDAQ:MU) Similar Articles: Stock Update (NASDAQ:MU): Micron Technology (MU) Stock Down as Memory Chip Prices Fall Market Update: Micron Technology Inc (NASDAQ:MU) – Micron: Samsung Kills the Memory Biz, Says Bernstein, Just Wait till the Chinese Get There Market Update: Micron Technology Inc (NASDAQ:MU) – Here’s Why Micron Technology (MU) Stock is Advancing Today