Stock Update (NASDAQ:MU): Micron Technology (MU) Stock Jumps Before Thursday’s Q3 Earnings

[at TheStreet] – Micron Technology (MU) stock is gaining ahead of the semiconductor company’s fiscal 2016 third quarter financial results, due out Thursday after the market close. Read more on this. Micron Technology, Inc. (MU) , with a current value of $13.47B, started trading this morning at $12.62. A quick look at the market, the company’s stock traded between $12.62 and $13.05 and has traded between $9.31 and $20.57 over the past year. MU shares are currently priced at 87.36x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 12.63x forward p/e ratio. 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 $0.04 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 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. In terms of ratings, Nomura upgraded MU from Reduce to Buy (Jun 23, 2016). Previously, Susquehanna upgraded MU from Neutral to Positive. Given all the information above, we should disclose to readers that the average price target is $15.00, which is 18.86% above than it 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) Company Update: Micron Technology Inc (NASDAQ:MU) – Micron Technology to Host Analyst Conference Market Update: Micron Technology Inc (NASDAQ:MU) – Here’s Why Micron Technology (MU) Stock is Advancing Today