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Technology Stocks : Semi Equipment Analysis
SOXX 306.14+0.4%Dec 24 4:00 PM EST
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From: Donald Wennerstrom6/30/2017 7:34:11 PM
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Bottom of the S&P-500

The Biggest Loser: Micron Technology Slumps 5.1% -- Barron's Blog
6:04 PM ET 6/30/17 | Dow Jones

By Ben Levisohn

Micron Technology ( MU) tumbled to the bottom of the S&P 500 today despite beating earnings forecasts and offering above-consensus guidance.

Micron Technology dropped 5.1% to $29.86 today, while the S&P 500 advanced 0.15% to 2,423.41.

MKM's Ruben Roy writes that Micron is "catching up with competitors":

We continue to believe that the complexities inherent to node transitions in DRAM and higher-layer 3D NAND will naturally limit industry bit growth and, consequently, we believe that this cycle is shaping up to be a multi-year event. In the meantime, we believe that MU's execution on cost reduction in both DRAM and NAND are noteworthy.

With DRAM margins exceeding 50%, we believe that it is increasingly evident that MU is catching up to competitors from a technology perspective. As this trend is better understood, we believe that MU will finally see some multiple expansion.

We are raising our fiscal 2018 EPS estimate to $5.35 from $5.00 while our calendar 2018 estimate increases to $4.99 from $4.75. Our 12-month price target is raised to $40 from $38, using an 8x multiple on our new C2018 EPS.

Micron Technology's market capitalization fell to $33 billion today from $34.8 billion yesterday.
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