8 Best Stocks to Buy for High Returns in 2024

6. Micron Technology Inc. (NASDAQ:MU)

Average Analyst Upside: 37.37%

Number of Hedge Fund Holders: 120

Micron Technology Inc. (NASDAQ:MU) is a leading provider of memory and data storage solutions, including dynamic random-access memory (DRAM), flash memory, and solid-state drives (SSDs).

TD Cowen recently boosted Micron Technology’s price target to $135 from $115, maintaining a Buy rating on the stock. The firm’s optimism stems from the belief that the anticipated downturn in the memory market will be less severe than expected. Key upcoming milestones are likely to drive the stock’s momentum, including the qualification of Micron’s B100 series, the ramp-up of its 12H High Bandwidth Memory (HBM), and improved supply chain visibility projected for Q2 2025 in the PC and mobile markets.

In Q4 2024, Micron posted a net income of $887 million on $7.75 billion in revenue, a 93% jump from $4 billion in the same quarter last year. Non-GAAP earnings were $1.18 per share. For Q1 2025, Micron expects revenue to hit $8.7 billion, exceeding Wall Street’s projection of $8.21 billion.

As of Q2 2024, 120 hedge funds held stakes in Micron, with a total value of $5.2 billion.

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.”