Market Update: Micron Technology Inc (NASDAQ:MU) – Micron Stock Should Double in Price in the Next Year, This Chart Shows

[at TheStreet] – Comprehensive technical analysis shows that Micron (MU) stock may log some more losses, but then it will embark on a strong rally. Read more on this. Micron Technology, Inc. (MU) , with a current market cap of $11.11B, started trading this morning at $10.33. Looking at today’s market, MU one day range is $10.24 to $10.83 with its 52-week range being $9.31 to $29.78. MU shares are currently priced at 74.79x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 1.42x earnings multiple. Consensus earnings for the current quarter by the 26 sell-side analysts covering the stock is an estimate of $-0.08 per share, which would be $0.54 better than the year-ago quarter and a $0.08 sequential increase. What we find to be interesting is that the full-year EPS estimate of $0.14 is a $2.55 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.97 Billion. If reported, that would be a 22.86% decrease over the year-ago quarter. In terms of ratings, Macquarie downgraded MU from Outperform to Neutral (Mar 31, 2016). Previously, Bernstein downgraded MU from Outperform to Mkt Perform. The average price target for MU shares by the analysts covering it is $13.63, which is 31.95% above where the stock opened. See more in (NASDAQ:MU) Similar Articles: 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 Company Update: Micron Technology Inc (NASDAQ:MU) – Micron Technology (MU) Stock Higher on Possible SanDisk Acquisition