What’s Next for Micron Technology, Inc. After Forming Double Bottom Chart Pattern?

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The chart of Micron Technology, Inc. (MU) shows a double bottom with $14.32 target or 8.00% below today’s $15.56 share price. The 7 months chart pattern indicates high risk for the $16.89B company. It was reported on Nov, 30 by Finviz.com. If the $14.32 price target is reached, the company will be worth $1.35B less. Double bottoms are rare but powerful chart patterns. The stock decreased 0.13% or $0.02 on November 27, hitting $15.56. About 5.02 million shares traded hands. Micron Technology, Inc. (NASDAQ:MU) has declined 46.84% since April 27, 2015 and is downtrending. It has underperformed by 45.95% the S&P500.

Analysts await Micron Technology, Inc. (NASDAQ:MU) to reports earnings on January, 5. They expect $0.23 earnings per share, down 76.29% or $0.74 from last year’s $0.97 per share. MU’s profit will be $249.66 million for 16.91 P/E if the $0.23 EPS becomes reality. After $0.37 actual earnings per share reported by Micron Technology, Inc. for the previous quarter, Wall Street now forecasts -37.84% negative EPS growth.

Out of 22 analysts covering Micron Technology Inc. (NASDAQ:MU), 13 rate it “Buy”, 1 “Sell”, while 8 “Hold”. This means 59% are positive. Micron Technology Inc. was the topic in 39 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Needham downgraded the stock on October 21 to “Hold” rating.

According to Zacks Investment Research, “Micron Technology, Inc. has established itself as one of the leading worldwide providers of semiconductor memory solutions. The company’s quality memory solutions serve customers in a variety of industries including computer and computer-peripheral manufacturing, consumer electronics, CAD/CAM, telecommunications, office automation, network and data processing, and graphics display. The company’s mission is to be the most efficient and innovative global provider of semiconductor memory solutions.” Get a free copy of the Zacks research report on Micron Technology, Inc. (MU)

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