TipRanks analyst ranking service pinpoints Wall Street's best-performing stocks, including Alphabet and Micron Technology.
Despite Micron missing revenue estimates in its recently reported quarterly results, Muse noticed that earning power and free cash flow generating capacity look solid for Micron for this year. Moreover, other inventory-optimizing initiatives are expected to help the company once the situation stabilizes. "Micron is also reducing its planned WFE spend in FY23 to reduce bit output with plans to work down inventory to meet demand in CY23," noted Muse.
With these observations, Muse upheld a buy rating on the stock with a price target of $90. Notably, Muse is ranked No. 663 among nearly 8,000 analysts tracked on TipRanks. Furthermore, 55% of his ratings have been successful, and each has generated 14.5% in returns on average.) offers hardware and software solutions for data storage and transfer. The company's HDD products cater to mission-critical and nearline applications in enterprise servers and storage systems.
At several recent investor conferences, many large companies, including Seagate, pointed at weakening consumer sales in the June quarter, catalyzed by a slowdown in PC and smartphone demand. This also led the company to issue weak guidance for its fiscal fourth quarter, which ended June 30. (See
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