Stock Update (NASDAQ:MU): Micron (MU) Stock Falls as Needham Cuts to ‘Underperform’

[at TheStreet] – Micron (MU) stock is retreating in mid-morning trading on Tuesday after a ratings downgrade to ‘underperform’ at Needham ahead of tomorrow’s second quarter earnings. Read more on this. Micron Technology, Inc. (MU) , with a current value of $10.73B, began trading this morning at $10.15. Today’s price range has been between $10.10 and $10.37 per share with a trailing 52-week range being $9.31 to $29.78. Priced at 29.66x this year’s forecasted earnings, MU shares are relatively expensive compared to the industry’s 3.69x forward p/e ratio. According to a consensus of 21 analysts, the earnings estimate of $-0.08 per share would be $0.81 better than the year-ago quarter and a $0.00 sequential increase. In looking at the bigger picture, the full-year EPS estimate of $0.35 would be a $2.34 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $3.05 Billion. If reported, that would be a 26.86% decrease over the year-ago quarter. Recently, Needham downgraded MU from Hold to Underperform (Mar 29, 2016). Previously, Susquehanna downgraded MU from Positive to Neutral. When considering if perhaps the stock is under or overvalued, the average price target is $15.46, which is 52.32% above where the stock opened this morning. See more in (NASDAQ:MU) Similar Articles: 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 Stock Update: Micron Technology Inc (NASDAQ:MU) – Micron (MU) Stock Gains, Analysts Applaud Inotera Deal