Company Update (NASDAQ:MU): Micron (MU) Stock Climbs, Morgan Stanley Sees 80% Upside

[at TheStreet] – Micron (MU) stock is gaining in afternoon trading on Thursday as Morgan Stanley argues that now is the time to buy. Read more on this. Micron Technology, Inc. (MU) , valued at $11.26B, opened this morning at $10.44. Today, shares have traded between $10.13 and $10.90 per share with a one year range of $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 for the same period. In a review of the consensus earnings estimate this quarter, 22 sell-side analysts are looking at $-0.07 per share, which would be $0.81 better than the year-ago quarter and a $0.26 sequential increase. The full-year EPS estimate is $0.47, which would be a $2.22 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $3.06 Billion. If realized, that would be a 26.62% decrease over the year-ago quarter. Recently, Morgan Stanley upgraded MU from Equal-Weight to Overweight (Dec 17, 2015). Previously, Needham downgraded MU from Strong Buy to Hold. The average price target for MU shares is $18.15, which is 73.85% above where the stock opened this morning. See more in (NASDAQ:MU) Similar Articles: Company Update: Micron Technology Inc (NASDAQ:MU) – Why Micron May Have 5 Times More Upside Than Downside Company Update: Micron Technology Inc (NASDAQ:MU) – Micron (MU) Stock Climbs on Morgan Stanley Upgrade Market Update (NASDAQ:MU): Micron Technology (MU) Stock Climbs as Tsinghua Uniongroup Merger Talks Revived