Market Update (NASDAQ:MU): Micron’s Q1’16 Earnings Review: Things Could Turn Around In The Second Half Of The Year

[at Forbes] – Micron Technology’s woes continued in fiscal Q1 2016 (fiscal years end with August), and it looks like the company will not get any respite in the current quarter. This was clear in the company’s recent earnings release. Weak macroeconomic conditions and the persisting weakness in PC demand, coupled with Micron’s Read more on this. Micron Technology, Inc. (MU) , with a current value of $14.99B, started trading this morning at $14.20. Looking at today’s trading action, the company’s one day range from $14.19 to $14.59 and has traded between $13.50 and $35.74 over the past 12 months. MU shares are currently priced at 24.24x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 10.18x forward p/e ratio. Consensus earnings for the current quarter by the 24 sell-side analysts covering the stock is an estimate of $-0.04 per share, which would be $0.81 better than the year-ago quarter and a $0.47 sequential increase. Investors should also note that the full-year EPS estimate of $0.59 is a $2.10 worse when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $3.09 Billion. If realized, that would be a 25.90% decrease over the year-ago quarter. Recently, Morgan Stanley upgraded MU from Equal-Weight to Overweight (Dec 17, 2015). Previously, Mizuho Initiated MU at to Buy. When considering if perhaps the stock is under or overvalued, the average price target is $18.55, which is 30.63% above where the stock opened this morning. See more in (NASDAQ:MU) Similar Articles: Stock Update (NASDAQ:MU): Jim Cramer — Micron Earnings Show How Not to Run a Business Company Update (NASDAQ:MU): Why 2 Analysts Endorsed Micron Right Before Its Earnings Report Market Update: Micron Technology Inc (NASDAQ:MU) – Micron Reports Quarterly Earnings Under Cloud of Negative Technicals