Market Update (NASDAQ:MU): Micron Technology (MU) Stock Soars, Cowen: Uniquely Positioned

[at TheStreet] – Micron Technology (MU) shares are rallying on Wednesday after Cowen & Co. issued a bullish note yesterday citing several catalysts. Read more on this. Micron Technology, Inc. (MU) , currently valued at $11.24B, opened at $10.30. Looking at today’s market, MU one day range is $10.20 to $10.85 with a one year range of $9.31 to $29.78. Micron (MU) shares are currently priced at 78.23x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 5.71x earnings multiple for the same period. In a review of the consensus earnings estimate this quarter, 25 sell-side analysts are looking at $-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 $0.13 is a $2.56 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.96 Billion. If reported, that would be a 23.12% 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 the stock is $13.48, which is 30.87% above where the stock opened this morning. 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