NEW YORK (TheStreet) -- Shares of Micron Technology (MU) are down by 1.18% to $26.38 on heavy volume in late afternoon trading on Friday, as analysts at Nomura cut their earnings per share estimates and price target on the global provider of semiconductor devices.
The firm said it reduced its numbers on Micron Technology based on the continuing softness in prices resulting from the persistently weak PC backdrop, theflyonthewall.com reports.
For the August quarter Nomura cut its earnings estimate to 61 cents per share from 75 cents per share. For the 2015 full year the firm sees earnings coming it at $2.83 per share from its previous $3.33 per share estimate.
Looking to 2016 Nomura has forecast earnings of $3.33 per share from its earlier $3.75 per share prediction.
The firm cut its price target on Micron Technology to $25 from $28.
So far today, 19.94 million shares of Micron Technology has exchanged hands as compared to its average daily volume of 22.20 million shares.
The Boise, ID.-based company's global operations include the manufacturing, and marketing of memory technologies, packaging solutions, and semiconductor systems for the use in computing, consumer, network, automotive, industrial and other sectors.
Separately, TheStreet Ratings team rates MICRON TECHNOLOGY INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICRON TECHNOLOGY INC (MU) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and expanding profit margins. We feel its strengths outweigh the fact that the company shows weak operating cash flow."