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Micron Technology, Inc. (MU) is performing strongly in 2023, with shares trading at $122.05 as of August 19, just 6% below its 52-week high of $129.82. Year-to-date, Micron’s stock has increased by 45%, surpassing the Zacks Computer and Technology sector’s growth of 13.8%, outpacing competitors like Advanced Micro Devices (AMD) at 37.2%, NVIDIA (NVDA) at 31.1%, and Broadcom (AVGO) at 27.2%.
Micron’s strong fundamentals are fueled by its involvement in key technologies such as artificial intelligence (AI) and high-performance data centers. The company anticipates significant revenue growth, with Zacks Consensus Estimates projecting a 47% revenue increase for fiscal 2025 and a 34% increase for fiscal 2026. Additionally, the projected earnings per share (EPS) shows a 518% improvement for fiscal 2025 and 62% for fiscal 2026.
Despite this growth, Micron’s forward 12-month price-to-sales (P/S) ratio is at 2.78, well below the sector average of 6.74, making it an attractive investment option. The company is positioned well for long-term success in the memory market driven by AI advancements.
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