Market Update (NASDAQ:MU): Micron’s stock breaks out after analysts swing to bullish views

[at MarketWatch] – Micron Technology’s stock broke above a long-term downtrend line and its 200-day moving average after two analysts upgraded the memory chip maker. Read more on this. Micron Technology, Inc. (MU) , valued at $14.57B, began trading this morning at $13.41. Looking at the stock, its one day range is $13.40 to $14.16 with its 52-week range being $9.31 to $24.24. MU shares are currently priced at 90.86x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 12.63x earnings multiple for the same period. According to a consensus of 23 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. The full-year EPS estimate is $0.14 which would be a $2.55 setback than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.96 Billion. If realized, that would be a 23.12% decrease over the year-ago quarter. Recently, Nomura upgraded MU from Reduce to Buy (Jun 23, 2016). Previously, Susquehanna upgraded MU from Neutral to Positive. The average price target for MU shares by the analysts covering it is $14.65, which is 9.25% above where the stock opened. See more in (NASDAQ:MU) Similar Articles: Stock Update (NASDAQ:MU): Heavy call volume is bullish on Micron Market Update: Micron Technology Inc (NASDAQ:MU) – Jim Cramer — There’s No Case for Buying Micron Market Update: Micron Technology Inc (NASDAQ:MU) – Here’s Why Micron Technology (MU) Stock is Advancing Today