Market Update: Micron Technology Inc (NASDAQ:MU) – Micron: Samsung Kills the Memory Biz, Says Bernstein, Just Wait till the Chinese Get There

[at Barrons.com] – Bernstein’s Mark Newman this morning writes that the “new paradigm” in the memory-chip business has been trashed by Samsung Electronics (005930KS) and that it has implications for Micron Technology (MU), SK Hynix (000660KS) and many others. “How Samsung killed the New Memory Paradigm” is the title of Newman’s report, referring to the worldview Newman’s espoused for sometime. Read more on this. Micron Technology, Inc. (MU) , with a current market cap of $10.96B, opened this morning at $10.75. Shares have traded today between $10.54 and $10.92 per share and has traded between $9.31 and $29.78 over the past 12 months. MU shares are currently priced at 76.57x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 5.71x earnings multiple. In a review of the consensus earnings estimate this quarter, 26 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. The full-year EPS estimate is $0.14, which would be a $2.55 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $2.96 Billion. If realized, 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. Investors should keep in mind is that the average price target is $13.48, which is 25.40% 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) – Micron, Samsung, Hynix to Benefit from Stabilizing Pricing, Says Bernstein Market Update: Micron Technology Inc (NASDAQ:MU) – Here’s Why Micron Technology (MU) Stock is Advancing Today