Can MagnaChip Semiconductor (MX) Run Higher on Strong Earnings Estimate Revisions?
MagnaChip Semiconductor Corporation MX is a Semiconductor - Analog and Mixed company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.
These positive earnings estimate revisions suggest that analysts are becoming more optimistic on MX’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that MagnaChip Semiconductor could be a solid choice for investors.
Current Quarter Estimates for MX
In the past 30 days, 1 estimates have gone higher for MagnaChip Semiconductor while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates narrowing from loss of 20 cents a share 30 days ago, to loss of 8 cents, an increase of 60%.
Current Year Estimates for MX
MagnaChip Semiconductor Corporation Price and EPS Surprise
MagnaChip Semiconductor Corporation Price and EPS Surprise | MagnaChip Semiconductor Corporation Quote
Meanwhile, MagnaChip Semiconductor’s current year figures are also looking quite promising, with 1 estimate moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, narrowing from loss of 58 cents per share 30 days ago to loss of 46 cents per share today, an increase of 20.7%.
Bottom Line
The stock has also started to move higher lately, adding 42.6% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #1 (Strong Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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