The Biggest Loser: Micron Technology Slumps 5.1% Micron was the worst performing stock in the S&P 500 today. By Ben Levisohn June 30, 2017 6:04 p.m. ET Micron Technology(MU) tumbled to the bottom of theS&P 500today despitebeating earnings forecastsand offering above-consensus guidance. ILLUSTRATION:AGENCE FRANCE-PRESSE/GETTY IMAGES Micron Technology dropped 5.1% to $29.86 today, while the S&P 500 advanced 0.15% to 2,423.41. MKM's Ruben Roywrites that Micron is "catching up with competitors": We continue to believe that the complexities inherent to node transitions in DRAM and higher-layer 3D NAND will naturally limit industry bit growth and, consequently, we believe that this cycle is shaping up to be a multi-year event. In the meantime, we believe that MU’s execution on cost reduction in both DRAM and NAND are noteworthy. With DRAM margins exceeding 50%, we believe that it is increasingly evident that MU is catching up to competitors from a technology perspective. As this trend is better understood, we believe that MU will finally see some multiple expansion. We are raising our fiscal 2018 EPS estimate to $5.35 from $5.00 while our calendar 2018 estimate increases to $4.99 from $4.75. Our 12-month price target is raised to $40 from $38, using an 8x multiple on our new C2018 EPS. Micron Technology's market capitalization fell to $33 billion today from $34.8 billion yesterday. http://www.barrons.com/articles/the-biggest-loser-micron-technology-slumps-5-1-1498860298