Over the last year there has been a huge jump in demand for chips and I don’t mean Pringles. The “Internet of Things” is connecting everyday items like coffee makers and crock pots to your home WiFi network. This new technology is introducing a large source of demand for an already very sought after technological device, the memory chip. One of the most attractive stocks out there in this space is today’s Bull of the Day, Micron (MU - Free Report) .
Micron Technology, Inc. provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; mobile low-power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, automotive and industrial applications, and computer memory upgrades; and hybrid memory cube semiconductor memory devices for use in networking and computing applications.
The company is a Zacks Rank #1 (Strong Buy) in an industry that ranks as the top industry of all the 265 we rank at Zacks. A big reason for the rank is three analysts has increased their earnings estimates on Micron for the current quarter, next quarter, and current year over the last 60 days. The bullish sentiment has catapulted Micron’s current year EPS estimate from $1.83 to $3.67. Next year’s EPS consensus number has gone from $2.21 to $4.95 over the same period. That represents 35% year over year growth next year. That number pales in comparison to this year’s growth where EPS went from 6 cents last year to the whopping $3.67 number analysts are looking for now.
Micron shares have fared very well over the last year, rallying from under $10 last May to over $28 today. Since the last earnings report the stock has come down in a price a little, testing the 50-day moving average before finding a bid. Should the recent positivity continue, I think Micron could breakout above $30 ahead of its next report due out in late June. The Chaikin Money Flow indicator just crossed over the zero line as well, giving a short-term buy signal.
Zacks' Hidden TradesWhile we share many recommendations and ideas with the public, certain moves are hidden from everyone but selected members of our portfolio services. Would you like to peek behind the curtain today and view them? Starting now, for the next month, I invite you to follow all Zacks' private buys and sells in real time from value to momentum...from stocks under $10 to ETF to option movers...from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). You can even look inside portfolios so exclusive that they are normally closed to new investors. Click here for Zacks' secret trade>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Over the last year there has been a huge jump in demand for chips and I don’t mean Pringles. The “Internet of Things” is connecting everyday items like coffee makers and crock pots to your home WiFi network. This new technology is introducing a large source of demand for an already very sought after technological device, the memory chip. One of the most attractive stocks out there in this space is today’s Bull of the Day, Micron (MU - Free Report) .
Micron Technology, Inc. provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; mobile low-power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, automotive and industrial applications, and computer memory upgrades; and hybrid memory cube semiconductor memory devices for use in networking and computing applications.
The company is a Zacks Rank #1 (Strong Buy) in an industry that ranks as the top industry of all the 265 we rank at Zacks. A big reason for the rank is three analysts has increased their earnings estimates on Micron for the current quarter, next quarter, and current year over the last 60 days. The bullish sentiment has catapulted Micron’s current year EPS estimate from $1.83 to $3.67. Next year’s EPS consensus number has gone from $2.21 to $4.95 over the same period. That represents 35% year over year growth next year. That number pales in comparison to this year’s growth where EPS went from 6 cents last year to the whopping $3.67 number analysts are looking for now.
Micron shares have fared very well over the last year, rallying from under $10 last May to over $28 today. Since the last earnings report the stock has come down in a price a little, testing the 50-day moving average before finding a bid. Should the recent positivity continue, I think Micron could breakout above $30 ahead of its next report due out in late June. The Chaikin Money Flow indicator just crossed over the zero line as well, giving a short-term buy signal.
Zacks' Hidden Trades
While we share many recommendations and ideas with the public, certain moves are hidden from everyone but selected members of our portfolio services. Would you like to peek behind the curtain today and view them? Starting now, for the next month, I invite you to follow all Zacks' private buys and sells in real time from value to momentum...from stocks under $10 to ETF to option movers...from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). You can even look inside portfolios so exclusive that they are normally closed to new investors. Click here for Zacks' secret trade>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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