Micron Technology Inc. (NASDAQ: MU) is set to release its fiscal first-quarter earnings report on Tuesday. The consensus estimates from Thomson Reuters call for $0.23 in EPS on $3.47 billion in revenue. That would compare to EPS of $0.97 and revenue of $4.57 billion in the same period of the previous.
This company has not been as fortunate as Nike in 2015, and is actually down on the year about 58%. In short, this stock got mauled this year. Micron’s broad portfolio of high-performance memory technologies, including DRAM, NAND and NOR flash, is the basis for solid state drives, modules, multichip packages and other system solutions. The company’s memory chip solutions enable the world’s most innovative computing, consumer, enterprise storage, networking, mobile, embedded and automotive applications.
Recently, Credit Suisse noted that the short term might be an issue for Micron, but it has an upside of roughly 70% from its current price level. The firm believes that the stock is below its strategic value and underappreciated. The firm has an Outperform rating on the shares with a $25 price target. Ultimately, while near-term trends are disappointing, potential China investments could be a positive catalyst.
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A few other analysts weighed in on Micron ahead of its earnings report:
- Cowen reiterated an Outperform rating with a $24 price target.
- Deutsche Bank reiterated a Buy rating.
- Barclays reiterated a Buy rating with a $20 price target.
- Morgan Stanley upgraded it to Overweight from Equal Weight and raised its price target to $18 from $16.
This year was not a good one for Micron as the stock vastly underperformed the market, down nearly 58%.
Shares of Micron were trading down 1.3% Tuesday to $14.58. The consensus price target is $20.78, and the 52-week range is $13.50 to $35.74.
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