While the market has been chopping around near the highs, the tech-heavy NASDAQ has remained resilient. A big reason why is semiconductor stocks have been hot. With so much changing in the digital world around us, there has been huge demand for chips. One company that’s benefiting greatly from increased demand across the board is today’s Bull of the Day Micron (MU - Free Report) .
Micron is a global leader in the semiconductor industry. The company holds over 20,000 patents and employs over 30,000 people in more than 20 countries across the globe. The company offers the industry’s broadest portfolio of silicon-to-semiconductor solutions. Their technology powers leading-edge computer, consumer, enterprise server and storage, networking, embedded, automotive, industrial and mobile products. They are the only US-based DRAM manufacturer.
The company is coming off a solid earnings beat where EPS came in at a 5 cent loss versus expectations for a 10 cent loss. The encouraging report was enough for several analysts to come out and jack up their earnings estimates for the current quarter, current year and next year. Five analysts have increased their numbers for the current quarter, pushing up our Zacks Consensus Estimate from 1 cent sixty days ago to 17 cents today. If you look at the current year numbers, the move is even more staggering. Eight analysts have increased their numbers, brining the Zacks Consensus Estimate from 52 cents to $1.08.
All of this bullish analyst behavior has helped push this stock to a Zacks Rank #1 (Strong Buy). You can see how well the stock tracks with EPS by checking out our Price, Consensus, and EPS Surprise chart on Zacks.com. The stock peaked in 2014 just before estimates started to take a turn for the worse. Since the beginning of the year the company has really turned things around, setting the stock off on a fierce rally from under $10 to over $17 today.
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