Is the Micron (MU) Stock Dip a Buying Opportunity? Tim Cook Thinks Memory Prices Are Going Higher
TLDR
- Micron stock fell nearly 4% in Thursday premarket trading, hitting $861.43
- The drop followed weak guidance from Western Digital and mixed results from SanDisk
- Apple CEO Tim Cook said memory costs will be “even higher” in the current quarter, a positive signal for Micron
- Wall Street expects Micron to earn $31.24 per share in its September earnings report, up from $3.03 a year ago
- Analysts maintain a consensus Buy rating with an average price target of $1,548.86
Micron Technology (MU) stock dropped close to 4% in Thursday premarket trading, hitting $861.43, as a broader selloff hit the memory chip sector.
The move lower came after Western Digital (WDC) fell 15% following disappointing guidance, and SanDisk (SNDK) dropped 9.4% after a mixed outlook overshadowed better-than-expected results. Those reports raised concerns about margin sustainability across the memory space and dragged sentiment down with them.
Seagate Technology (STX) also fell 3.82% in premarket action as the selloff spread across AI memory and storage names.
… Continue reading the full article at the original source below.
This content is automatically aggregated. Full credit goes to the original publisher (coincentral.com).
