Market Update (NASDAQ:MU): One Reason Micron (MU) Stock is Declining Today

[at TheStreet] – Micron (MU) stock is lower this afternoon after rival chipmaker Advanced Micro Devices (AMD) issued its 2016 first quarter guidance. Read more on this. Micron Technology, Inc. (MU) , with a current value of $10.43B, began trading this morning at $10.38. Today’s price range has been between $9.31 and $10.39 per share with its 52-week range being $9.31 to $32.84. MU shares are currently priced at 22.98x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 8.77x earnings multiple. According to a consensus of 22 analysts, the earnings estimate of $-0.07 per share would be $0.81 better than the year-ago quarter and a $0.26 sequential increase. What we find to be interesting is that the full-year EPS estimate of $0.47 is a $2.22 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $3.06 Billion. If reported, that would be a 26.62% decrease over the year-ago quarter. In terms of ratings, Morgan Stanley upgraded MU from Equal-Weight to Overweight (Dec 17, 2015). Previously, Needham downgraded MU from Strong Buy to Hold. Investors should keep in mind is that the average price target is $18.15, which is 74.86% above where the stock opened this morning. See more in (NASDAQ:MU) Similar Articles: Market Update: Micron Technology Inc (NASDAQ:MU) – Here’s Why Micron Technology (MU) Stock is Advancing Today Company Update: Micron Technology Inc (NASDAQ:MU) – Micron (MU) Stock Climbs on Morgan Stanley Upgrade Stock Update: Micron Technology Inc (NASDAQ:MU) – Micron (MU) Stock Gains, Analysts Applaud Inotera Deal