Micron Technology Stock Rating Lowered by Merrill Lynch (MU)
Micron Technology (NYSE:MU) was downgraded by analysts at Merrill Lynch to an “underperform” rating in a research report issued to clients and investors on Friday, StockRatingsNetwork.com reports.
MU has been the subject of a number of other recent research reports. Analysts at UBS AG downgraded shares of Micron Technology from an “outperform” rating to a “sector perform” rating in a research note to investors on Friday. They now have a $19.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Credit Suisse downgraded shares of Micron Technology from a “buy” rating to a “sector perform” rating in a research note to investors on Friday. They now have a $26.00 price target on the stock, up previously from $19.00. They noted that the move was a valuation call. Finally, analysts at RBC Capital downgraded shares of Micron Technology from an “outperform” rating to a “sector perform” rating in a research note to investors on Friday. They now have a $19.00 price target on the stock. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $21.19.
Micron Technology (NYSE:MU) traded down 3.19% during mid-day trading on Friday, hitting $20.97. The stock had a trading volume of 34,596,292 shares. Micron Technology has a 1-year low of $6.85 and a 1-year high of $23.67. The stock’s 50-day moving average is $21.33 and its 200-day moving average is $16.77. The company has a market cap of $22.057 billion and a price-to-earnings ratio of 19.17. Micron Technology also was the recipient of some unusual options trading on Friday. Investors purchased 86,290 put options on the stock. This represents an increase of approximately 129% compared to the typical daily volume of 37,678 put options.
Micron Technology (NYSE:MU) last posted its quarterly earnings results on Thursday, October 10th. The company reported $1.51 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.24 by $1.27. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter last year, the company posted ($0.24) earnings per share. Micron Technology’s revenue was up 44.8% compared to the same quarter last year. Analysts expect that Micron Technology will post $2.09 EPS for the current fiscal year.
Micron Technology, Inc, is a global manufacturer and marketer of semiconductor devices, principally NAND Flash, DRAM and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.
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