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Micron (MU) Increases Yet Falls Behind Market: What Investors Need to Know

The most recent trading session ended with Micron (MU) standing at $135.07, reflecting a +0.19% shift from the previouse trading day's closing. The stock lagged the S&P 500's daily gain of 0.27%. Elsewhere, the Dow saw a downswing of 0.31%, while the tech-heavy Nasdaq appreciated by 0.88%.

Heading into today, shares of the chipmaker had gained 9.61% over the past month, outpacing the Computer and Technology sector's loss of 4.82% and the S&P 500's gain of 2.85% in that time.

The upcoming earnings release of Micron will be of great interest to investors. The company's earnings report is expected on June 26, 2024. The company's upcoming EPS is projected at $0.47, signifying a 132.87% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $6.64 billion, indicating a 76.86% growth compared to the corresponding quarter of the prior year.

MU's full-year Zacks Consensus Estimates are calling for earnings of $0.85 per share and revenue of $24.62 billion. These results would represent year-over-year changes of +119.1% and +58.42%, respectively.

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It's also important for investors to be aware of any recent modifications to analyst estimates for Micron. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 20.14% higher. Right now, Micron possesses a Zacks Rank of #2 (Buy).

Looking at valuation, Micron is presently trading at a Forward P/E ratio of 159.42. This indicates no noticeable deviation in contrast to its industry's Forward P/E of 159.42.

The Semiconductor Memory industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 2, finds itself in the top 1% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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Micron Technology, Inc. (MU) : Free Stock Analysis Report

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