MU - Micron Technologies: Profits Are Soaring And The Stock Is Likely Undervalued

2024-07-03 01:22:04 ET

Summary

• Micron Technologies is experiencing a profitability upswing due to high demand for memory and storage products.
• The company beat profit estimates for 3Q24, with sales skyrocketing and plans for increased capital expenditures to meet demand.
• Micron Technologies' stock is undervalued, selling for less than 13.9x leading earnings, with potential for significant sales growth in 2025.

Micron Technologies Inc. ( MU ) is enjoying a cyclical upswing in profitability, driven by roaring demand for its memory and storage products.

As a consequence, Micron Technologies beat profit estimates easily for its 3Q24 last week, its sales are skyrocketed and the chip company is guiding for a substantial ramp in capital expenditures in order to accommodate surging demand for its chips....

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