Market Update: Micron Technology Inc (NASDAQ:MU) – Micron FYQ2 on Tap: This is the Trough, Says Topeka

[at Barrons.com] – As I wrote earlier, the revenue warning last night from chip equipment maker FormFactor (FORM), which in part pointed to some DRAM issues, hasn’t dented the shares of DRAM maker Micron Technology (MU), which reports fiscal Q2 results this afternoon, after market close. Micron shares today are up 33 cents, or 3.2%, at $10.78. The stock got a downgrade yesterday on worries about DRAM, from Needham & Co.’s Rajvindra Gill, but today Micron gets the thumbs up from Suji Desilva of Topeka Capital Markets, who reiterates a Buy rating and a $16 price target. Read more on this. Micron Technology, Inc. (MU) , valued at $10.92B, started trading this morning at $10.51. Looking at the equity, the company’s one day range is $10.40 to $10.95 with the price of the stock fluctuating between $9.31 to $29.78 over the last 52 weeks. MU shares are currently priced at 30.74x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 3.69x earnings multiple. 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. Furthermore, our analysis shows the full-year EPS estimate to be $0.34, which would be a $2.35 worse when compared to the last 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. More recently, Needham downgraded MU from Hold to Underperform (Mar 29, 2016). Previously, Susquehanna downgraded MU from Positive to Neutral. Given all the information above, we should disclose to readers that the average price target is $15.46, which is 47.10% above than it opened this morning. See more in (NASDAQ:MU) Similar Articles: Company Update: Micron Technology Inc (NASDAQ:MU) – Micron Technology to Host Analyst Conference Company Update: Micron Technology Inc (NASDAQ:MU) – At Bottom, Micron Technology Is Looking Up Market Update: Micron Technology Inc (NASDAQ:MU) – Here’s Why Micron Technology (MU) Stock is Advancing Today