|Bid||45.92 x 4000|
|Ask||45.99 x 3200|
|Day's Range||45.93 - 47.19|
|52 Week Range||31.13 - 61.19|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||23.17|
|Earnings Date||Sep 24, 2020 - Sep 28, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||64.42|
Shares of Micron fell 4.8% on Thursday after its CFO warned that the chipmaker could miss 1Q revenue guidance.Speaking at Keybanc’s virtual conference, Micron’s (MU) CFO David Zinsner stated that the demand outlook for memory chips is worsening, Bloomberg reported. As a result, Zinsner cautioned that 1Q (September to November) sales could come below the forecast of $5.4 billion-$5.6 billion.Meanwhile, Zinsner kept the company’s revenues outlook for the current quarter (June to August) unchanged. Micron expects to generate sales of between $5.75 billion and $6.25 billion during the fourth quarter.On Aug. 12, Deutsche Bank analyst Sidney Ho downgraded the stock to Hold from Buy citing lower memory chip pricing expectations due to supply-demand mismatch. In a note to clients, Ho wrote “Inventory build-up at cloud data center customers looks worse than he had anticipated, while demand from other end markets is weakening.”Overall, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 16 Buys, 8 Holds, and 1 Sell. The average price target of $64.29 implies upside potential of about 39%. (See MU stock analysis on TipRanks).Related News: Deutsche Bank Cuts Micron To Hold Amid Lower Memory Pricing Bet Despite Lowering Estimates, Micron Is Still a Sound Investment, Says 5-Star Analyst Upcoming Tailwinds Will Push Micron Stock Forward, Says 5-Star Analyst More recent articles from Smarter Analyst: * iQIYI Tumbles 12% On SEC Probe Over Fraud Allegations * Piper Sandler Lifts Best Buy’s PT To ‘Street High’ * Wedbush Raises Vroom’s PT On Strong Business Model * Apple To Launch Cheaper Subscription Bundles To Boost Services - Report
The memory giant indicated November quarter sales would be below its preliminary outlook, and also says its August quarter will be more back-end loaded than originally expected.
Micron Technology (NASDAQ: MU) shares are trading lower on Thursday after Deutsche Bank downgraded the stock from Buy to Hold.A report also mentioned that DRAM and NAND flash currently has an oversupply until the first half of 2021, according to the president of Apacer Technology.Finally, Micron CFO David Zinsner said today at KeyBanc's the Future of Technology virtual conference that the company there is some near-term uncertainty surrounding the company's revenue forecast over the next few quarters due to the pandemic.Micron Technology historically focused on providing DRAM for PCs and servers. The firm then expanded into the NAND flash memory market. It increased its DRAM scale with the purchase of Elpida (completed in mid-2013) and Inotera (completed in December 2016).Micron Technology shares were trading down 4.74% at $46.18 on Thursday at the time of publication. The stock has a 52-week high of $61.19 and a 52-week low of $31.13.Latest Ratings for MU DateFirmActionFromTo Aug 2020Deutsche BankDowngradesBuyHold Jun 2020RBC CapitalMaintainsOutperform Jun 2020MizuhoMaintainsBuy View More Analyst Ratings for MU View the Latest Analyst RatingsSee more from Benzinga * Micron Trades Higher On Q3 Beat(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.