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Micron leads fee-and-a-half rally as shares net to value ratio nears bottom zone

Update time : 2022-09-30 12:56:56

Shares of US memory major Micron Technology have jumped in response to analysts' calls for a buy on the grounds that the valuation is close to the bottom.

Barron's reports that J.P. Morgan analyst Harlan Sur reiterated his "buy" rating on Micron on the 27th, citing the stock's NAV ratio as being close to the bottom of the past semiconductor cycle. He lowered his price target on Micron to $65 from $80.
Sur warns that Micron's near-term earnings figures are likely to be weak due to a weakening general economic environment and deteriorating demand trends. However, Micron's stock has a strong reward/risk ratio and "we would take advantage of the pullback to create a position on the downside".
Sur also believes that the memory maker will cut back on its 2023 expansion plans, which should support quotes in the future.
Micron jumped 3.58 percent to close at $50.58 on the 27th, topping the 30 constituents of the Philadelphia Semiconductor Index. Year-to-date, Micron has fallen 45.7%.
Micron is scheduled to report fourth-quarter earnings this Thursday (Sept. 29). Micron started by lowering its revenue estimates on August 9 and even plans to cut capital expenditures. Micron CEO Sanjay Mehrotra said at the time that demand was weaker than during the company's previous earnings call, mainly because the adjustment trend was starting to spread from the consumer market to markets such as data centres, industrial and automotive.

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