The fall in the memory market has led Micron Technology stock ( NASDAQ:MU ) down this year, but one analyst says the American semiconductor company might make a strong rebound in 2023 and give hefty profits to investors.
Market Analysis of Micron Stock
Loop Capital’s Charles Park just began coverage on Micron stock ( NASDAQ:MU ). The analyst’s rating is buy, and their price goal is $70, implying a 25% increase from present levels. With shares of the memory specialist down 40% year in 2022, Park feels Micron stock ( NASDAQ:MU ) is an appealing risk-reward proposition right now.
Should investors take the risk and acquire Micron Technology, particularly because the memory industry may stay under pressure owing to diminishing demand from the smartphone and personal computer markets? Let us investigate.
The memory market may reach a low next year.
The Loop Capital analyst believes that near-term difficulties in the semiconductor market and macroeconomic headwinds may weigh on Micron stock ( NASDAQ:MU ). That’s hardly unexpected, given the company’s forecast for the current quarter predicts a significant reduction in both top and bottom lines due to oversupply in the memory market.
Prices of dynamic random-access memory (DRAM) and NAND flash memory chips fell sharply due to low demand and huge inventory levels. As a consequence, Micron anticipates sales to plummet 45% year on year to $4.25 billion in the current quarter. Non-...
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