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Micron Technology Inc. [MU] Stock Gets an Upgrade from Citigroup. It’s Now Buy

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Citigroup took its Micron Technology [MU] rating to the equivalent of Buy from Sell, and the price ‎target to ‎$100‎ from $35, in a research note dated 2021-01-05. That figure represents around a 35.04% ‎premium from where the company’s shares closed on Monday. Other analysts also revised their ‎coverage, with Deutsche Bank’s analysts upgrading the shares from “a Hold” rating to “a Buy” rating in ‎a research note to investors issued in mid October. Meanwhile, UBS had maintained its rating on MU ‎to the earlier “Buy” rating, in a research note produced for clients September 30, 2020. In addition, ‎there was no change from RBC Capital Mkts on September 30, 2020. The rater maintained MU to “an ‎Outperform” but assigned new target price of $57.

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Is ‎Micron Technology Inc. [NASDAQ:MU] a Good Buy Right Now?

It should be noted that MU ‎technical indicators for short, intermediate as well as long term progress have placed an overall ‎average of 100% as Buy. The average signal changed from 100% Buy in the last week and compares ‎with 100% Buy in the past month. Data from Micron Technology Inc.’s Trend Spotter indicated that the ‎signals were Strengthening. The stock current average is 15.52 million shares in the past 20 days and ‎the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was ‎‎16.22 million shares while the medium term average advocated for 100% Buy. The average long-term ‎signal stands at 100% Buy and the 100-day average volume stands at 17.85 million shares.


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MU ‎Price Performance

On Wall Street, Micron Technology Inc. [NASDAQ:MU] finished Monday’s ‎session down -1.50% at $74.05. The stock went up to $78.61 at the same session while its lowest single ‎day price was $73.75. In the last five days, it saw a rise of about 4.92%, Micron Technology Inc. shares ‎dropped by almost -1.50% since the beginning of the year. However, the share price has dropped to as ‎low as -2.15% below its one year high. On 01/04/21, the company shares recorded $78.61, the highest ‎single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same ‎year at $73.75. The company’s shares have inclined by 35.80% in the past year. The 50-day SMA ‎achieved is $63.57 while the 200-day SMA is $51.68. Volume gained to 31.16 million from 23.21 million in ‎the previous session.

Micron Technology Inc. [MU] Valuation Measures

Notably, Micron ‎Technology Inc. [MU] stock can be classified as a good candidate in the listing of underestimated low-‎priced Semiconductors companies to purchase soonest possible with the prevailing 12-month PE ratio ‎of 31.15. The measure means the stock is exchanging at a discount as compared to the 32.48x trailing ‎earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more ‎specifically, a 3.69 PS value ratio is reported for the last one year of reported earnings. That is higher ‎than the industry average of 2.63 which means MU serve an attractive investment opportunity ‎compared to its competitors.

MU Stock Support And Resistance Levels

On the 24-hour scale, ‎the immediate backing is perceived around 72.33 level, and in case of violation of this particular level, it ‎will cause more drop to 70.61 level. On the upper level, 80.33 is still the key resistance. The stock may ‎increase to the subsequent resistance at 77.19. The Relative Strength Index (RSI) pinned on the 14-day ‎chart is 67.06, implying a neutral technical stance while the MACD stands at 1.87, meaning price will ‎increase in the next trading period. Percent R indicator moved to 48.15%, implying low price ‎movement. Stochastic %K at 78.85% suggest selling the stock.

What is the short interest in Micron ‎Technology Inc.?

Short interest in the Micron Technology Inc. stock has surged, increasing by 2.1 ‎million shares to total 26.04 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, ‎‎2020 stand at 28.14 million, data from Yahoo Finance shows. The decrease of -8.06% suggests the stock ‎saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the ‎shorted shares account for just 2.34% of the overall float for the stock.

Micron Technology Inc.’s ‎Biggest Shareholders: Who Owns Micron Technology Inc. [MU]?

Filings by The Vanguard Group, ‎Inc. showed that the firm now holds a total of 83,818,329 shares or roughly 7.53% of the outstanding ‎MU shares. This means their shares have reduced by -1,210,053 from the 83,818,329 the investor ‎reportedly held in its prior 13-F filing. With the conclusion of the sale, BlackRock Fund Advisors updated ‎stake is worth $3,587,092,433. Details in the latest 13F filings reveal that PRIMECAP Management Co. ‎disposed off their -2.05% stake valued at $3,230,617,252 while SSgA Funds Management, Inc. cut theirs ‎at $3,020,986,296. During the last quarter, PRIMECAP Management Co. liquidated -1,057,170 of its ‎shares in Micron Technology Inc. while SSgA Funds Management, Inc. sold -1,046,704 shares. The ‎Fidelity Management & Research Co’s holdings currently number 41,724,613 shares at $3089707592.65. ‎According to the firm’s last 13F report, T. Rowe Price Associates, Inc. shares in the company at filing ‎stood at 39,128,557 shares, roughly $2,507,749,218.

MU Earnings Forecast For The Current ‎Quarter

Micron Technology Inc. [MU] is expected to report strong earnings results for the ‎quarter ending on Nov 2020. Consensus estimates give the company expected revenues of $5.73B and ‎an earnings per share of $0.71 for Nov 2020. Looking further ahead, the company is expected to report ‎revenue of $5.49B at an EPS of $0.62 for Feb 2021. The estimates represent upside of 25.20% and ‎‎87.48% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.

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MU Earnings Estimates For The Current ‎Year

For the financial year, Micron Technology Inc. [NASDAQ:MU] is expected to bring in ‎revenue of $24.36B. The returns are nearly $2.93 billion higher than the company’s actual revenue ‎recorded in the fiscal year 2020. In terms of EPS for the 2021, estimate put it at 3.85, higher than that of ‎FY20 by $1.02. Estimates put this year’s earnings growth at 36.00%, 89.90% for the next, and at an ‎annual 14.24% over the next 5-year period. As for sales, forecasts are for an increase of 13.70% in the ‎current fiscal year and a further 25.20% over the following year.‎

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