Micron scores a double upgrade, but trader sees better opportunity in another chipmaker stock
Micron scores a double upgrade, but trader sees better opportunity in another chipmaker stock"
- Select a language for the TTS:
- UK English Female
- UK English Male
- US English Female
- US English Male
- Australian Female
- Australian Male
- Language selected: (auto detect) - EN
Play all audios:
In this article * CFG Follow your favorite stocksCREATE FREE ACCOUNT Micron Technology just soared to highs not seen in more than 20 years. After scoring a double upgrade from Citi, the
stock on Tuesday hit its highest peak since September 2000. Citi analysts also gave a $100 price target on an expected upturn in memory chip demand. The stock closed Tuesday's trading
at $77.26. Not everyone is as bullish on the stock. While Strategic Wealth Partners President Mark Tepper sees Micron as a hold, he worries that any supply and demand issues could put a dent
in momentum. "It's a very, very cyclical semi, and their product really in my opinion is the input to technology, it's not technology itself, so I'd rather own the
technology," Tepper told CNBC's "Trading Nation" on Tuesday. "Nvidia is the way to go. That's our largest chip exposure, and they're in all the
fastest-growing end markets that we find exciting — AI, autonomous vehicles, cloud, gaming. So I think they've got the best chips. Nvidia, they're innovating, so that's where
I'd be." Micron specializes in memory and storage chips; Nvidia, also a semiconductor company, is known for its graphics processing chips. In the same CNBC interview, MKM Partners
chief market technician JC O'Hara said Micron's technical setup supports Citi's bullish case. "This chart looks fantastic," he said. "There was a massive
breakout last November. That breakout came from a three-year base where Micron traded in a $30 range. Now, typically what follows these breakouts after a long period of consolidation is a
very powerful bull run, which I believe we are still on right now." O'Hara said the next move could take Micron to $85 in the near term — 10% upside from its Tuesday close.
Upcoming earnings could pose a risk or present a catalyst for the stock, he added. The company is set to report Thursday. _Disclosure: Strategic Wealth Partners holds NVDA._ _Disclaimer_
Trending News
Casey affleck slips into darkness in ain't them bodies saintsAfter watching _Ain’t Them Bodies Saints_, it’s hard not to conclude once and for all that the wrong Affleck brother is ...
Vettel snubs hamilton and schumacher when picking his f1 goatSebastian Vettel chose to snub childhood hero Michael Schumacher and Lewis Hamilton when naming the greatest driver to g...
Irish republicans and brexiteers have a lot in common. Why can't they see it? | thearticleWriting for a British online magazine such as TheArticle is a risky undertaking for an Irish person in the present clima...
Water Supply | NatureABSTRACT A MONG the improvements in sanitary matters that this generation has witnessed not one ranks higher than the se...
The curious history of wedding confetti (and the best types to throw)Gino Spocchia 18 July 2018 12:24pm BST People like to party. Possibly as much as they enjoy pouring confetti on the head...
Latests News
Micron scores a double upgrade, but trader sees better opportunity in another chipmaker stockIn this article * CFG Follow your favorite stocksCREATE FREE ACCOUNT Micron Technology just soared to highs not seen in ...
Irish republicans and brexiteers have a lot in common. Why can't they see it? | thearticleWriting for a British online magazine such as TheArticle is a risky undertaking for an Irish person in the present clima...
Water Supply | NatureABSTRACT A MONG the improvements in sanitary matters that this generation has witnessed not one ranks higher than the se...
The curious history of wedding confetti (and the best types to throw)Gino Spocchia 18 July 2018 12:24pm BST People like to party. Possibly as much as they enjoy pouring confetti on the head...
A nanoadjuvant that dynamically coordinates innate immune stimuli activation enhances cancer immunotherapy and reduces immune cell exhaustionABSTRACT Although conventional innate immune stimuli contribute to immune activation, they induce exhausted immune cells...