Market Update: Micron Technology Inc (NASDAQ:MU) – Here’s Why Micron Technology (MU) Stock is Advancing Today

[at TheStreet] – Micron Technology (MU) stock is getting a lift on Tuesday from anticipation that the stock will likely rebound in 2016. Read more on this. Micron Technology, Inc. (MU) , valued at $14.78B, began trading this morning at $14.35. Today, shares have traded between $14.23 and $14.51 per share and has traded between $13.50 and $35.74 over the past 12 months. MU shares are currently priced at 26.81x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 10.18x earnings multiple. In a review of the consensus earnings estimate this quarter, 24 sell-side analysts are looking at $-0.05 per share, which would be $0.81 better than the year-ago quarter and a $0.44 sequential increase. What we find to be interesting is that the full-year EPS estimate of $0.54 is a $2.15 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 $3.08 Billion. If realized, that would be a 26.14% 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. Given all the information above, we should disclose to readers that the average price target is $18.45, which is 28.57% above than it opened this morning. See more in (NASDAQ:MU) Similar Articles: Company Update: Micron Technology Inc (NASDAQ:MU) – Micron Technology (MU) Stock Higher on Possible SanDisk Acquisition Stock Update: Micron Technology Inc (NASDAQ:MU) – Why Micron Technology, Inc. Fell 11.3% in August Stock Update: Micron Technology Inc (NASDAQ:MU) – Micron Technology to Host Analyst Conference