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Micron (MU) Outpaces Stock Market Gains: What You Should Know

Micron (MU) closed at $58.63 in the latest trading session, marking a +1.72% move from the prior day. This change outpaced the S&P 500's 1.3% gain on the day. At the same time, the Dow added 0.98%, and the tech-heavy Nasdaq gained 7.48%.

Heading into today, shares of the chipmaker had lost 2.32% over the past month, lagging the Computer and Technology sector's gain of 2.79% and outpacing the S&P 500's loss of 2.95% in that time.

Wall Street will be looking for positivity from Micron as it approaches its next earnings report date. This is expected to be March 28, 2023. In that report, analysts expect Micron to post earnings of -$0.65 per share. This would mark a year-over-year decline of 130.37%. Meanwhile, our latest consensus estimate is calling for revenue of $3.78 billion, down 51.44% from the prior-year quarter.

MU's full-year Zacks Consensus Estimates are calling for earnings of -$2.28 per share and revenue of $16.22 billion. These results would represent year-over-year changes of -127.31% and -47.27%, respectively.

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Investors should also note any recent changes to analyst estimates for Micron. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 8.25% lower within the past month. Micron is currently a Zacks Rank #4 (Sell).

The Semiconductor Memory industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 243, putting it in the bottom 4% 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

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

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