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MU - Micron: Market Overreacted Time To Load Up - Maintaining Buy
Micron Technology Inc.
2024-07-02 18:27:08 ET
Summary
Micron Technology reported FY2024 results and outlook, disappointing investors' high AI expectations after the June rally. We say load up on the pullback.
Our positive outlook is based on our expectations of higher DRAM sales due to AI-driven demand for HBM and the arrival of AI PC in 2025.
We expect hyper-demand from AI for HBM to put DRAM into shortage for the next 1-2 years, at least.
We think MU will outperform the peer group substantially in the first half of 2025.