Why the Market Dipped But Micron (MU) Gained Today

In the latest market close, Micron (MU) reached $85.86, with a +0.83% movement compared to the previous day. The stock's change was more than the S&P 500's daily loss of 0.07%.The chipmaker's stock has climbed by 21.56% in the past month, exceeding the Computer and Technology sector's gain of 18.3% and the S&P 500's gain of 13.74%.The investment community will be paying close attention to the earnings performance of Micron in its upcoming release. The company's upcoming EPS is projected at $1.57, signifying a 153.23% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $8.81 billion, up 29.33% from the prior-year quarter.MU's full-year Zacks Consensus Estimates are calling for earnings of $6.85 per share and revenue of $35.49 billion. These results would represent year-over-year changes of +426.92% and +41.34%, respectively.Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Micron. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Micron currently has a Zacks Rank of #3 (Hold).In the context of valuation, Micron is at present trading with a Forward P/E ratio of 12.43. This valuation marks a discount compared to its industry's average Forward P/E of 15.43.The Computer - Integrated Systems industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 172, which puts it in the bottom 31% of all 250+ industries.The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Micron Technology, Inc. (MU): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks