Market Update: Micron Technology Inc (NASDAQ:MU) – Jim Cramer — There’s No Case for Buying Micron

[at TheStreet] – Jim Cramer says Micron’s main products are dropping in price and he sees no earnings momentum. Read more on this. Micron Technology, Inc. (MU) , with a current value of $10.43B, opened at $10.33. During today’s session, MU traded between $10.01 to $10.47 with a one year range of $9.31 to $29.78. MU shares are currently priced at 30.82x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 3.69x forward p/e ratio. Consensus earnings for the current quarter by the 21 sell-side analysts covering the stock is an estimate of $0.04 per share, which would be $0.50 worse than the year-ago quarter and a $0.04 sequential decrease. The full-year EPS estimate is $0.34, which would be a $2.35 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $3.20 Billion. If realized, that would be a 16.88% 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. The average price target for MU shares by the analysts covering it is $15.46, which is 49.66% above where the stock opened. 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