Micron Technology (MU) Flat Ahead of Q2 Print

Micron Technology (NASDAQ: MU) is flat ahead of Q2 earning after the close. Analysts on average are looking the company to post EPS of $0.75 on revenues of $4.16 billion, representing a YoY decline of 14% and a gain of 1%, respectively. Notably, a number of analysts have been cutting numbers into the print.

Over the last four quarter, on average, the company beats EPS by 9%. Also on average, the stock fell 4% in the week immediately following earnings. Last quarter the stock fell 3.3% in the day immediately following earnings and 18% in the week immediately following.

MKM Partner analyst Ian Ing noted investors are looking for an expectations reset off of earnings due to PC weakness. That said he expects investors "will start growing more comfortable owning MU on a scenario of: (1) a reset of EPS and bit growths at or below our estimates; (2) commensurate capex cuts or other actions limiting pressure to grow bits; and (3) a similar reset of expectations when SK Hynix and Samsung report their March quarters."

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