Micron Technology, Inc. (NASDAQ:MU) is one of the 12 Most Profitable Cheap Stocks to Buy Right Now. On June 29, Cantor Fitzgerald raised its price target on Micron Technology, Inc. (NASDAQ:MU) from $1,500 to $2,000 and maintained its Overweight rating on the stock.
This update came after the company’s disclosure of strategic customer agreements, which points to a more durable and extended memory cycle. Cantor Fitzgerald noted that as much as half of the company’s revenue could be secured through multi-year contracts with strong gross margins. This could improve pricing dynamics, lower quarter-end volatility in negotiations, and support more consistent long-term margins compared with previous industry cycles.
Source: Micron Technology
On the same day, Phillip Securities also increased its price target on Micron Technology, Inc. (NASDAQ:MU) from $530 to $1,870 and maintained its Buy rating on the stock.
The research firm expects the current memory shortage to continue beyond 2027. According to Phillip Securities, Micron Technology, Inc. (NASDAQ:MU) can enter into more agreements with new and existing customers in the coming quarters.
Micron Technology, Inc. (NASDAQ:MU) is a leading semiconductor technology company that is known for its innovative memory and storage solutions. The company offers a portfolio of high-performance DRAM, NAND, and NOR memory and storage products.
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