Market Update (NASDAQ:MU): Micron’s stock soars to pace S&P 500 gainers after Hynix’s upbeat DRAM outlook

[at MarketWatch] – Micron Technology Inc.’s stock soared 9.2% in active afternoon trade Tuesday, enough to make it the biggest percentage gainer in the S&P 500, after South Korea-based chipmaker SK Hynix Inc. gave an upbeat … Read more on this. Micron Technology, Inc. (MU) , valued at $11.94B, opened at $10.82. Shares have traded today between $10.71 and $11.65 per share with the price of the stock fluctuating between $9.31 to $29.45 over the last 52 weeks. MU shares are currently priced at 75.36x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 6.97x forward p/e ratio. In a review of the consensus earnings estimate this quarter, 27 sell-side analysts are looking at $-0.09 per share, which would be $0.54 better than the year-ago quarter and a $0.08 sequential increase. Furthermore, our analysis shows the full-year EPS estimate to be $0.14, which would be a $2.55 worse when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.96 Billion. If reported, that would be a 23.12% decrease over the year-ago quarter. More recently, Brean Capital Initiated MU at Buy (Apr 15, 2016). Previously, Raymond James upgraded MU from Outperform to Strong Buy. Given all the information above, we should disclose to readers that the average price target is $13.52, which is 24.95% above than it opened this morning. See more in (NASDAQ:MU) Similar Articles: Market Update (NASDAQ:MU): Micron Technology (MU) Stock Soars, Cowen: Uniquely Positioned Market Update (NASDAQ:MU): Micron Falls After Nomura Downgrades Stock on Oversupply of DRAM Market Update (NASDAQ:MU): Micron Introduces Persistent Memory Solution That Combines DRAM Performance With NAND Flash Reliability to Address Big Data Challenges