I predict MU will make a move higher and start an upward trend within the next two weeks. Looking at the chart starting back a little more than 3 months ago, we see a triangle pattern where the high and low trends are converging. Look for the price to breach one of these trends and make a move (hopefully upwards) within the next week or two.
From a business perspective, it is not hard to see how the need for memory and storage will only continue to increase on a global scale. With the FANG stocks also taking some hits, that capital could potentially flow into stocks like MU. Analysts on the street agree that the current price is very cheap, trading at below 5 times this year's projected earnings. Multiple analysts have this as a strong buy, with some price targets in the $80-$100 range.
I think the stock momentum has been hurt by fears of trade war with China. If we can avoid any major negative news on that front, I think we will start to see MU pop higher.
From a business perspective, it is not hard to see how the need for memory and storage will only continue to increase on a global scale. With the FANG stocks also taking some hits, that capital could potentially flow into stocks like MU. Analysts on the street agree that the current price is very cheap, trading at below 5 times this year's projected earnings. Multiple analysts have this as a strong buy, with some price targets in the $80-$100 range.
I think the stock momentum has been hurt by fears of trade war with China. If we can avoid any major negative news on that front, I think we will start to see MU pop higher.