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While many large-cap semiconductor stocks are outperforming the broader equities market in 2024, Micron Technology is trailing its peers by a wide margin. Valued at $96.7 billion by market cap, Micron stock is down 44% from the record highs above $157 set this past June.
Let’s see why the chip stock has pulled back so dramatically, and whether it makes sense to invest in the semiconductor giant at the current valuation.
Is Micron Stock Undervalued?
Micron Technology designs, manufactures, and sells memory and storage products globally. Despite the recent pullback, Micron stock has more than doubled investor returns in the last 10 years. While the semiconductor industry is cyclical, Micron is well-positioned to benefit from the artificial intelligence (AI) megatrend. For instance, demand for memory chips is expected to soar with the proliferation of large language models (LLMs), such as ChatGPT and Gemini.
Micron’s memory chips are part of Nvidia’s new H200 GPUs (graphics processing units). According to Micron, its high-bandwidth chips offer a higher capacity and are much more energy-efficient than rival chips. Notably, Micron has sold out its data center memory it would deliver through 2025, as Nvidia continues to enjoy strong demand from other big tech giants. Further, Micron expects the memory capacity for AI-enabled smartphones to double, resulting in another massive tailwind for the company.
In fiscal Q3 of 2024 (which ended in May), Micron’s data center revenue rose by 85% year over year, while its mobile segment sales growth was higher at 94%. Analysts expect sales in fiscal 2024 to rise by 61% to $25 billion, while the top line might expand by another 53% to $39 billion in fiscal 2025.
Wall Street expects Micron to end fiscal 2025 with adjusted earnings per share of $9.42, indicating a relatively cheap forward price-to-earnings multiple of less than 10x.
Analysts Downgrade Micron Stock
A key reason for Micron’s underperformance can be tied to a recent slew of analyst downgrades. Late last week, BNP Paribas Exane analyst Karl Ackerman issued a double downgrade on Micron from “outperform” to “underperform,” and cut the stock's price target from $140 to $67.
“While some investors correctly anticipate downside risk to near-term results, we think Micron will underperform AI peers through ’25,” Ackerman wrote. The analyst added that a capacity oversupply of HBM (high-bandwidth memory) chips would lead to a faster-than-anticipated market correction, making the risk-reward profile unfavorable at current levels.
Also last week, Raymond James lowered its price target on Micron stock from $160 to $120, while reiterating an “Outperform” rating. The investment firm explained that the lower price target reflects sluggish near-term volume growth in DRAM and NAND markets. However, it stated that the slowdown is temporary, and expects an upcycle to begin in the second half of 2025.
Morgan Stanley piled on this past Monday when the firm lowered its price target on Micron to $100. Analyst Shawn Kim emphasized that while memory is moving higher, the rate of change is near its peak and might result in an oversupply.
Alternatively, Citi remains bullish on Micron stock as it expects the company to benefit from strong DRAM pricing, which is forecast to rise by 66% in 2024 and 14% in 2025.
Despite the recent string of negative notes, the consensus on MU is still a “strong buy” overall. Out of the 27 analysts covering Micron stock, 23 recommend “strong buy,” two recommend “moderate buy,” one recommends “hold,” and one recommends “strong sell.”
The average target price for MU stock is $158.22, indicating an expected upside potential of 81.5% from current levels.
On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
US equity futures posted gains before Tuesday's opening bell as traders looked ahead to the Federal Reserve's decision on monetary policy.
Dow Jones Industrial Average futures gained 0.3%, S&P 500 futures increased 0.4%, and Nasdaq futures were up 0.6%.
The policy-setting Federal Open Market Committee is scheduled to start its two-day meeting on Tuesday, which will be followed by a monetary policy statement at 2 pm ET on Wednesday.
Oil prices were little changed, with front-month global benchmark North Sea Brent crude down 0.03% to $72.61 per barrel and US West Texas Intermediate crude up 0.1% at $69.12 per barrel.
The monthly retail sales report, released at 8:30 am ET, showed a 0.1% uptick in August following a 1.1% jump in July, compared with estimates compiled by Bloomberg for a 0.2% drop.
Industrial production, slated for 9:15 am ET, is expected to edge 0.2% higher in August versus July's 0.6% drop.
Business inventories, due at 10 am ET, are expected to rise 0.3% in July to match June's increase. Forecasters see the housing market index coming at 41 in September after August's 39 print.
In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 1.4% higher, while the Chinese market was closed for holiday. UK's FTSE 100 rose 0.6% and Germany's DAX index increased 0.7% in Europe's early afternoon session.
In equities, shares of Intel were 4% higher pre-bell on the chipmaker's plan to form Intel Foundry as an independent business unit and on its expanded partnership with Amazon's cloud computing unit to produce custom artificial intelligence chips. Hewlett Packard Enterprise shares rose 3.8% after BofA Securities lifted its rating on the company's stock to buy from neutral.
On the losing side, Netcapital N shares slumped 27% after the company reported a wider fiscal Q1 loss on lower revenue. Dermata Therapeutics shares were down more than 13% after the company priced a $3.5 million private placement of common shares and warrants.
BOISE, Idaho, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU), today announced the availability of the Crucial® P310 2280 Gen4 NVMe™ solid-state drive (SSD), which offers two times faster performance than Gen3 SSDs1 and 40% faster performance than Crucial’s P3 Plus,2 giving gamers, students and creatives a boost in speed when they boot and use data-intensive applications. With capacities up to 2 terabytes (TB) and read and write speeds of 7,100 and 6,000 megabytes per second (MB/s) respectively,3 the P310 2280 SSD enables more customers than ever to gain access to gaming performance without paying gaming prices. This launch expands Micron’s P310 portfolio to address PCs, laptops and PlayStation 5, closely following the July launch of its award-winning Crucial P310 2230 SSD, which is targeted at users of handheld gaming consoles and mini PCs.
“Micron’s Crucial P310 2280 SSD delivers blazing fast gaming-level speeds, allowing users to do it all faster — from gaming to booting Windows to running multiple creative apps at the same time — without compromising on quality,” said Jonathan Weech, senior director of product marketing for Micron’s Commercial Products Group. “Architected with our advanced 3D NAND technology and optimized to deliver the utmost power efficiency, the 2280 SSD empowers everyone from gamers to creatives to squeeze more out of their battery life when using data-rich apps.”
The Crucial P310 2280 Gen4 SSD offers these benefits:
The SSD is available in a standard M.2 2280 form factor that offers an easy-to-install solution that customers can use to upgrade their existing laptops and extend device lifecycles rather than buying new ones. A version with a heatsink will be released in the coming months and is ideally suited for use with PlayStation 5 and desktop gaming PCs.
The P310 2280 Gen4 SSD is now available at crucial.com, as well as through select etailers, retailers and global channel partners, and it comes with a five-year warranty.6 For more information, visit https://www.crucial.com/ssd/p310/CT1000P310SSD8.
Follow us online!Micron social channels:LinkedIn: https://www.linkedin.com/company/micron-technologyX: https://www.x.com/MicronTechFacebook: https://www.facebook.com/MicronTechUSA/
Crucial social channels:Facebook: https://www.facebook.com/CrucialMemory Instagram: https://www.instagram.com/crucial_memoryX: https://www.x.com/crucialmemoryYouTube: https://www.youtube.com/crucialmemory
About Micron Technology, Inc.We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.
© 2024 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.
______________________1 Speed comparison is between Crucial P310 published top speeds of 7,000 MB/s and the fastest published Gen3 speeds for NVMe SSDs, at 3,500 MB/s. Speed may vary.2 Comparing sequential read of Crucial P3 Plus 2TB to Crucial P310 2TB as published in Micron’s official datasheets.3 Typical input/output (I/O) performance numbers as measured using CrystalDiskMark® with command queue full and write cache enabled. A fresh-out-of-box (FOB) state is assumed. For performance measurement purposes, the SSD may be restored to FOB state using the secure erase command. System variations will affect measured results.4 Some storage capacity is used for formatting and other purposes and is not available for data storage.5 Based on PCMark 10® Benchmark test results comparing the Crucial P310 to Samsung 990 EVO and WD SN580 SSDs. Performance may vary.6 Warranty valid for five years from the original date of purchase or before writing the maximum total bytes written (TBW) as published in the product datasheet and as measured in the product’s SMART data, whichever comes first.
Micron Media Relations Contact Steffi Lau Micron Technology, Inc. +1 (408) 834-1618 steffilau@micron.com
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