Micro Technology Inc (NASDAQ: MU) ended in the red today even after Sahak Manuelian called it one of the best names to own in the semiconductor space.
Manuelian makes a case for Micron stock
Last month, the memory chip maker provided Bad guidance for its current fiscal quarter. However, Manuelian said on CNBC this afternoon “Technical Testing”:
Are you looking for breaking news, hot tips and market analysis?
Sign up for the Inves newsletter today.
Micron has already scaled down the DRAM and NAND wafer is starting to offer the right size. Decline in memory levels is best understood by Street. Our view is that the industry is closer to a trough than a peak.
Bear NXP Semiconductors Will be given Roughly a day ahead of the sequence guidance, it largely fed into his bullish view on semiconductor stocks.
So far, Micron shares are up about 20% this year.
Micron will benefit once the central bank stops raising rates
According to Sahak Manuelian, the Boise-headquartered company’s stock will also benefit as the U.S. Federal Reserve begins to turn less hawkish.
We have seen Treasuries move higher in all months. We have seen excellent inflation numbers, CPI, PPI, PCE deflator. We saw ISM prices coming lower. These should be decent signs for the central bank.
On Tuesday, Inves said The employment cost index was lower than expected in the final quarter of 2022. The central bank is widely expected to announce a short 25 basis point increase in interest rates tomorrow.
Wedbush Securities currently has an “outperform” rating on shares of Micron.