Micron Technology Stock Has 17% Downside, According to 1 Wall Street Analyst
Micron Technology (NASDAQ: MU) stock had a terrific run last year, as investors anticipate a more favorable demand environment for memory chips translating into improving financial performance. Most analysts rate the stock a buy, but analysts at Morgan Stanley -- the only firm with a sell recommendation on Micron -- don't seem to see value in the shares. The firm maintained its underweight rating but recently bumped its price target to $78, representing about 17% downside from its current price.
However, the firm acknowledged near-term upside potential, as Micron is widely expected to report improving revenue in the fiscal second-quarter update scheduled for release on Wednesday.
Micron posted a slight year-over-year decline in revenue last quarter, but it's turning the corner. CEO Sanjay Mehrotra said generative AI technology is driving more demand for memory in servers, and the acceleration of AI solutions will benefit Micron's business over time.
Source Fool.com
Micron Technology Inc. Stock
With 97 Buy predictions and 4 Sell predictions Micron Technology Inc. is one of the favorites of our community.
With a target price of 119 € there is a positive potential of 21.39% for Micron Technology Inc. compared to the current price of 98.03 €.
