"MU shares have moved between 3% and 5% in each of the last two trading days. We expect volatility to continue into earnings next week, but would encourage investors to continue to accumulate shares, especially on weakness," the firm wrote in an analyst note earlier today.
Nomura also raised its estimates to account for revised guidance in September and its expectation for continued momentum in the November period.
The firm now projects a loss of 6 cents per share for fiscal 2016 compared to its prior view for a loss of 27 cents per share.
For fiscal 2017, Nomura sees earnings of $1.05 per share vs. its prior expectations of 56 cents per share.
The Boise, ID-based semiconductor company is scheduled to report its 2016 fiscal fourth quarter results after Tuesday's market close.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on Micron stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
But the team also finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MU