In its upcoming report, Micron (MU) is predicted by Wall Street analysts to post quarterly earnings of $19.72 per share, reflecting an increase of 932.5% compared to the same period last year. Revenues are forecasted to be $34.8 billion, representing a year-over-year increase of 274.2%.
The consensus EPS estimate for the quarter has been revised 1.5% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
Given this perspective, it's time to examine the average forecasts of specific Micron metrics that are routinely monitored and predicted by Wall Street analysts.
According to the collective judgment of analysts, 'Revenue by Technology- DRAM' should come in at $26.27 billion. The estimate points to a change of +271.6% from the year-ago quarter.
Based on the collective assessment of analysts, 'Revenue by Technology- Other (primarily NOR)' should arrive at $89.00 million. The estimate indicates a change of +18.7% from the prior-year quarter.
Analysts forecast 'Revenue by Technology- NAND' to reach $7.42 billion. The estimate indicates a year-over-year change of +244.2%.
View all Key Company Metrics for Micron here>>>Over the past month, shares of Micron have returned +42.5% versus the Zacks S&P 500 composite's +0.3% change. Currently, MU carries a Zacks Rank #1 (Strong Buy), suggesting that it may outperform. the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
