Jim Cramer Reveals 12 Stocks Investors Should Monitor Closely

5. Micron Technology Inc. (NASDAQ:MU)

Number of Hedge Fund Investors: 120

Jim Cramer noted that Wells Fargo has lowered its price target for Micron Technology Inc. (NASDAQ:MU) from $190 to $175. However, the analysts believe that the recent sell-off in Micron Technology Inc. (NASDAQ:MU)’s stock is excessive. They maintained an “overweight” rating on the shares, indicating that Micron is still in the early stages of its growth in high-bandwidth memory technology.

“Wells Fargo cut its price target on Micron to $175 from $190, but said the sell-off in the chip stock is overdone. The analysts kept an overweight rating on shares, noting the company is still early in its high-bandwidth-memory inflection.”

Micron Technology (NASDAQ:MU) is an appealing investment option for several reasons. The demand for its DRAM and NAND flash memory is rising, largely due to growth in data centers, artificial intelligence (AI), and automotive technology. In its latest Q2 2024 earnings report, Micron Technology (NASDAQ:MU)  revealed a 10% increase in revenue compared to last year, with earnings per share of $1.20, exceeding expectations and demonstrating strong efficiency.

Micron Technology (NASDAQ:MU) is also investing heavily in research and development while expanding its manufacturing capabilities, ensuring it can meet the changing needs of its customers. As the semiconductor market stabilizes, Micron Technology (NASDAQ:MU) is likely to benefit from better pricing and improved profit margins. Additionally, its strategic partnerships and focus on sustainable manufacturing enhance its growth potential.