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Micron Technology Inc MU

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Morningstar’s Analysis

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Economic Moat




Micron Continues to Benefit From Work-From-Home Trends; Raising FVE to $50

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

No-moat Micron reported top- and bottom-line results at the high end of its guidance range, with work-from-home trends continuing to drive strong demand for cloud, laptop, and gaming. Micron continues to progress on creating a more profitable product mix while maintaining its bit market share, but expects headwinds in the first half of 2021. We are raising our fair value estimate for Micron to $50 per share from $48 due to improved rebound expectations in the latter half of 2021 and beyond, but we recommend waiting for a greater margin of safety before investing.

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Company Profile

Business Description

Micron historically focused on providing DRAM for PCs and servers. The firm then expanded into the NAND flash memory market. It increased its DRAM scale with the purchase of Elpida (completed in mid-2013) and Inotera (completed in December 2016).

8000 South Federal Way, P.O. Box 6
Boise, ID, 83716-9632
T +1 208 368-4000
Sector Technology
Industry Semiconductors
Most Recent Earnings Aug 31, 2020
Fiscal Year End Sep 3, 2021
Stock Type Cyclical
Employees 40,000