Micron Technology downgraded to neutral

Micron Technology downgraded to neutral

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THURSDAY: During PREMARKET trade, Micron Technology Inc., reported to have plunged 1%. Following the estimated report, it was downgraded from ‘buy’ to ‘neutral’ at Macquarie Research. The price target worth US$ 12 implies 14.5% upside to yesterday’s market close cost. The bank is constantly looking for DRAM industry to sustainably generate ‘cross cyclical profitability’. Not to mention, it is to sniff its stock over the next few quarters to find some ‘meaningful catalysts’.

INSIGHT: Topeka Capital Markets reiterated a ‘buy’ rating and set a target price US$ 16.00 price objective (BEARISH from US$ 19.00) on shares of Micron Technology on 29 December 2015. Likewise, Wells Fargo reiterated a ‘buy’ rating on shares of Micron Technology on 13 Feb 2016. Cowen and Company reiterated a ‘buy’ rating on shares of Micron Technology on 13 Feb 2016.  KeyBanc reiterated a ‘buy’ rating on shares of Micron Technology in a research report on 28 Dec 2015. Lastly, Sanford C. Bernstein reiterated a ‘buy’ rating on shares of Micron Technology on 29 Dec 2015.

Exclusive reported from Market Watch cited that its shares have fallen off approximately at 26% within three month’s timespan alongside falling at an estimate of 61% in 12 months.

The company has a market capitalization of US$ 10.87 billion and a PE ratio of 5.70. The stock’s 50 day moving average is US$ 10.90 and its 200-day moving average is US$ 13.84.

The S&P 500, by comparison, is up 1% over the last three months and flat on the year. The average rating on the stock is the equivalent to buy, while the median price target is US$ 14.59 (source: FactSet).

In addition to all this, the semiconductor manufacturer issued its last quarterly earnings results yesterday where it reported US$0.05 EPS for the Q, beating Zacks’ consensus estimate of US$ 0.08 by US$ 0.03. The revenue rate was US$ 2.93 billion – BEARISH worth 29.6% in comparison to the same Q last year.

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