Stocks slipped in early trading this morning. The pullback follows a robust kick-off to the month yesterday. “Many of the factors driving markets remain in place, including vaccine optimism, the economic reopening, and accelerating earnings, though inflation and valuation concerns remain,” said Mark Hackett, Nationwide’s chief of investment research.
A few firms stand to benefit from new attention on American brands as President Biden pushes for his plan for massive government spending to boost local manufacturing. Our trade alert for today highlights one such firm that’s certainly catching positive attention from the pros on Wall Street.
Micron Technology (MU) is an Idaho-based company that produces memory and data storage products for electronic devices. It offers a wide array of products for use in computers, smartphones and other devices, including random access memory and flash drives.
The company is most famous for making solid state drives (SSDs) that are used in computers for data storage. The Micro SSDs are the cheapest large capacity models in the world. The company achieves this by using a new especially designed chip in these drives. Micron stock has been soaring as demand for all kinds of machines rises globally.
Micron Technology has a market cap of more than $95 billion and posted more than $21 billion in revenue in September 2020. With US President Biden pushing a plan for massive government spending to boost local manufacturing, Micron Technology is one of the firms that could gain from this new attention on American brands.
The company also leads the market in DRAM Flash, a memory system used to run operating systems in cars, computers, and smartphones otherwise dependent on cloud-storage. DRAM represented more than 70% of FQ2 sales for the firm.
The pros also see MU as a Buy currently. Of 31 analysts offering recommendations for the stock, 26 rate it Buy and 5 call it a Hold. There are no Sell ratings for the stock.
Bonsai Partners chimes in with a Buy rating. The firm highlighted a few stocks in their Q4 2020 investor letter and Micron is one of them. Here is what Bonsai Partners said:
“Micron is a manufacturer of memory semiconductor chips. Micron’s stock appreciated 60.1% during the quarter. Micron’s shares significantly appreciated this quarter for a couple of reasons. First, and most importantly, the DRAM market appears to have begun its cyclical rebound. As a result, we will likely see higher pricing and profitability through at least the calendar year 2021, hopefully meaningfully longer.”
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