2024-06-24 06:35:56 ET
Summary
- Micron stock rallied 93% since last November due to the company's impressive renaissance after facing a bit of geopolitical headwinds during the 2022-2023 fiscal years.
- My analysis suggests that the company is poised to deliver strong quarterly earnings on June 26 with likely positive forward-looking comments from the management.
- My valuation analysis indicates that all positives are likely priced in, as MU stock is slightly overvalued.
Investment thesis
I was completely wrong with my "Hold" rating for Micron ( MU ) last November because the stock gained 93% since then. The company demonstrated revenue and profitability recovery dynamic much better than expected, and that was the big catalyst for the stock to rally....
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For further details see:
Micron: All Positives Are Priced In Before Earnings