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Micron Technology Inc - Stock Quote MU

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Morningstar's Micron Technology Inc Stock Analysis

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Micron Offers Promising Outlook at Investor Day; Shares Undervalued Relative to $90 FVE

Abhinav Davuluri, CFA Sector Strategist

Analyst Note

| Abhinav Davuluri, CFA |

We attended Micron’s 2022 investor day and came away with renewed confidence in our positive thesis for the memory supplier. Over the past few years, Micron has significantly improved its profitability, technology and product portfolio, and balance sheet. We are most optimistic on Micron’s DRAM segment, which is expected to remain over 70% of total revenue in future. Given consolidation in the DRAM market and Micron being the first to deploy industry leading 1-alpha (14-nanometer) DRAM, we think Micron’s DRAM business is well positioned to take advantage of diverse end-market growth. Specifically, management expects the memory opportunities in the data center, industrial, and automotive markets to be the fastest growing over the next five years. We agree with this sentiment and view shares of no-moat Micron as undervalued relative to our unchanged $90 fair value estimate.

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Micron Technology Inc's Company Profile

Business Description

Micron historically focused on designing and manufacturing DRAM for PCs. 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). The firm's DRAM and NAND products tailored to PCs, data centers, smartphones, game consoles, automotives, and other computing devices.

Contact
8000 South Federal Way, Post Office Box 6
Boise, ID, 83716-9632
T +1 208 368-4000
Sector Technology
Industry Semiconductors
Most Recent Earnings Feb 28, 2022
Fiscal Year End Sep 2, 2022
Stock Type Cyclical
Employees 43,000

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