From Nasdaq: 2024-09-17 14:50:00

Micron Technology, Inc. stock took a hit with a death cross pattern appearing, signaling a potential downtrend. Analysts cut price targets, predicting shares could drop to as low as $100. However, long-term prospects seem positive due to the demand for high-bandwidth memory chips in the booming AI industry with an expected growth to $826 billion by 2030. Management sees potential for $86 billion in revenues from HBM chips by 2030, supporting the bullish outlook for Micron.

Micron’s fundamentals are strong with a cash balance of $9.2 billion and projected earnings per share up 160.3% annually. The stock is trading at a lower price/earnings ratio compared to industry peers, making it an attractive buy opportunity. While short-term uncertainties exist, an investment in Micron is expected to yield favorable returns in the long run. Micron has a Zacks Rank #3 (Hold) suggesting a cautious approach for investors weighing their options.

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Read more at Nasdaq: Death Cross for MU Stock: Time to Buy Micron Based on Fundamentals?