Signs that the semiconductor rout is nearing a bottom makes now an opportune time to buy shares of Micron Technology, according to Loop Capital.
Despite a tough few quarters for the memory industry, signs that the rout is nearing a bottom makes now an opportune time to buy shares of Micron Technology , according to Loop Capital. Analyst Charles Park initiated coverage of the semiconductor stock with a buy rating, saying in a note to clients Thursday that he expects Micron's earnings to bottom and inventories to peak in the fiscal second quarter of 2023.
" Park said that the best time to load up on shares is when the industry outlook looks most bleak and memory makers cut capex aggressively. Other signs of a nearing bottom include the roughly 85% drop in earnings estimates for the company. Despite slumping about 41% this year as the semiconductor industry and growth stocks come under pressure, shares are due for a rebound and offer an attractive risk/reward at these levels, Park said.
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