The memory market's decline has sent shares of Micron Technology (NASDAQ: MU) tumbling this year, but one analyst believes that the American semiconductor manufacturer could make a solid comeback in 2023 and deliver healthy gains to investors.

Charles Park of Loop Capital recently initiated coverage on Micron stock. The analyst has a buy rating with a price target of $70, which points toward a 25% upside from current levels. With shares of the memory specialist down 40% in 2022 so far, Park believes that Micron stock presents an attractive risk-reward opportunity right now.

But should investors take the plunge and buy Micron Technology, especially at a time when the memory market could continue to remain under pressure due to declining demand from the smartphone and the personal computer markets? Let's find out.

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Source Fool.com