Stock Update: Micron Technology Inc (NASDAQ:MU) – Micron Drops 6%, But MKM Sees Improving NAND, DRAM Trends

[at Barrons.com] – MKM Partners’s Ian Ing, reiterating a Buy rating on shares of Micron Technology (MU), writes that the company’s outlook is increasingly favorable according to both bull and bear, and he’s raising his estimates … Read more on this. Micron Technology, Inc. (MU) , currently valued at $12.78B, started trading this morning at $13.13. Looking at the stock, its one day range is $12.28 to $13.24 and has traded between $9.31 and $20.57 over the past 12 months. Priced at 94.36x this year’s forecasted earnings, MU shares are relatively expensive compared to the industry’s 12.63x forward p/e ratio. In a review of the consensus earnings estimate this quarter, 23 sell-side analysts are looking at $-0.09 per share, which would be $0.54 better than the year-ago quarter and a $0.05 sequential increase. In looking at the bigger picture, the full-year EPS estimate of $0.14 would be a $2.55 setback when compared to the previous 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. More recently, Nomura upgraded MU from Reduce to Buy (Jun 23, 2016). Previously, Susquehanna upgraded MU from Neutral to Positive. Investors should keep in mind is that the average price target is $15.00, which is 14.24% above where the stock opened this morning. See more in (NASDAQ:MU) Similar Articles: Company Update: Micron Technology Inc (NASDAQ:MU) – Why Micron Stock Soared 18% in May (MU) Market Update (NASDAQ:MU): Micron Falls After Nomura Downgrades Stock on Oversupply of DRAM Market Update: Micron Technology Inc (NASDAQ:MU) – Here’s Why Micron Technology (MU) Stock is Advancing Today