Micron Technology's stock dropped Thursday, as investors grappled with a looming bearish technical signal and an analyst's lowered earnings view.
BNP Paribas analyst Karl Ackerman downgraded shares on Micron to Underperform from Outperform.
Micron Technology Inc (NASDAQ:MU ) stock is 3.5% lower before the open, after a double downgrade at Exane BNP Paribas.
Micron Technology is scheduled to announce quarterly results on Sept. 25.
Micron (MU) reachead $86.85 at the closing of the latest trading day, reflecting a +0.67% change compared to its last close.
Zacks.com users have recently been watching Micron (MU) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Three AI-Centric stocks to buy on the dip are: TSM, MU, NTAP.
Despite a sharp 8% drop amid macroeconomic concerns, MU's strong fundamentals and growth prospects make it a stock worth holding through volatility.
Micron Technology has seen its share price fluctuate meaningfully in 2024.
The buildout of AI-optimized data centers spells monster returns for Nvidia shareholders. Micron Technology expects strong demand for its memory and storage components to drive record revenue next year.
This semiconductor company's recent sell-off in shares doesn't seem justified, as AI is supercharging its growth. This cloud company is building a robust revenue pipeline, and its focus on adding AI services to its platform could unlock a huge growth opportunity.
Micron Technology is currently unprofitable and sales are down, while the stock trades 39% below recent highs. Despite these challenges, the memory chip giant is poised to benefit from the growing AI market.