10 Best QQQ Stocks to Buy According to Analysts

4. Micron Technology Inc. (NASDAQ:MU)

Average Upside Potential: 35.62%

Number of Hedge Fund Holders: 120

Micron Technology Inc. (NASDAQ:MU) is a global semiconductor company that specializes in memory and storage solutions. It’s a major manufacturer of DRAM and NAND flash memory, which are essential components in a range of electronic devices. These products are used in everything from smartphones and computers to data centers and servers.

In the closing fiscal fourth quarter of 2024, it generated $7.75 billion in revenue, a 93.27% increase from the previous year. This growth was fueled by record revenues from NAND and storage business units, driven by strong demand in the data center and automotive industries.

On October 15, it launched new high-speed memory (CUDIMM & CSODIMM) for next-generation PCs, especially AI PCs. These are twice as fast as previous DDR4 memory and offer improved stability. This innovation is validated by Intel and will be available in 16GB capacity soon.

It launched a new high-performance SSD with read/write speeds of 7,100/6,000 MB/s and capacities up to 2TB. This new drive is compatible with PCs, laptops, and PlayStation 5. Micron Technology Inc. (NASDAQ:MU) has also qualified its 1-beta-based 16Gb LP5 DRAM for the automotive market, offering 9.6 Gbps speed for AI advancements. While the automotive industry is adjusting to changing customer demand, this company expects automotive growth to resume in the second half of fiscal 2025.

The company is surging in popularity and outperforming the market. This chipmaker boasts impressive recent gains and operates within a booming industry. The key driver for long-term growth is the rising earnings estimates. As analysts become increasingly bullish on its future profitability, the stock price is poised to follow suit, making Micron Technology Inc. (NASDAQ:MU) an attractive investment opportunity.

Baird Chautauqua International and Global Growth Fund stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q3 2024 investor letter:

“After Micron Technology, Inc.’s (NASDAQ:MU) price appreciated 54% in 1H24, investors became anxious about potential memory weakness, less clear cyclical recovery pace, and whether competitor Samsung will act rationally with capacity expansion. We maintain our long-term positive view on the industry’s demand/supply situation. We believe Micron is well positioned in technology capability, and that its margins will continue to improve.”