Lately, Micron Technology (NASDAQ:MU) has been in the headlines quite a lot and for very good reason. The company’s third-quarter results surpassed consensus estimates across the board by a solid margin. And now, chances of stellar performance in the fourth quarter remain strong, all thanks to increasing demand from data centers and gaming consoles, improving smartphone demand, favorable product mix, a well-diversified customer base, and a healthy balance sheet.
Despite a solid financial performance and broad product portfolio, I believe that the stock is significantly undervalued. Although the company has managed to rise 60.91% from its low of $31.13 in March 2020, it nevertheless remains down by 6.30% YTD. The market seems to not have adequately priced several secular tailwinds that can benefit the company in the next few years.
The current tech-enabled world requires a ton of memory and storage solutions
According to industry association, SEMI, there will be