Is Micron Technology Stock a Buy?

Micron Technology's (NASDAQ: MU) stock lost more than a quarter of its value over the past six months as investors fretted over a potential supply glut of memory chips. Its fourth-quarter report, released on Sept. 28, beat analysts' expectations on the top and bottom lines, but its stock still slipped after it offered weak guidance for the first quarter.

Micron's stock remains up more than 40% over the past 12 months, but it's becoming a battleground stock. The bulls claim Micron's stock is still cheap and that the company will still benefit from the secular growth of many chip-hungry sectors, while the bears point out that Micron's gross margins are under pressure and its growth has always been cyclical. Let's see which argument makes more sense.

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Source Fool.com