5 Best Bargain Stocks To Buy Right Now

4. Micron Technology Inc. (NASDAQ:MU)

Number of Hedge Fund Holdings: 69

YTD Decline (As of October 29): 43.56%

Headquartered in Boise, Idaho, Micron Technology Inc. (NASDAQ:MU) is an American producer of computer memory and computer data storage including dynamic random-access memory (DRAM), flash-memory, and USB flash drives. The company’s consumer products are marketed under the brands Crucial and Ballistix. In Q3 2022, the company beat EPS estimates of $1.30 by $0.15, posting earnings of $1.45 per share.

On October 13, Loop Capital analyst Charles Park initiated coverage of Micron Technology Inc. (NASDAQ:MU) with a Buy rating and a $70 price target. Although the analyst expects DRAM  fundamentals to bottom in the first half of 2023, with the near-term macro and demand uncertainties remaining stringent, the memory industry offers a favorable risk/reward ratio, and is likely to pick up in 2024. He contends that with the stock’s low valuation, coupled with drastic cuts in spending of almost 30% year-over-year in Q2 2022, it provides an excellent entry-point for long-term investors.

Here is what Claret Asset Management had to say about Micron Technology Inc. (NASDAQ:MU) in their Q3 2022 investor letter:

“Inflation is still higher than interest rates… not an incentive to save for most people. Either inflation must come down or interest rates have to go up further. Or both. And probably both. Now that they are taking the punch bowl away and the party is over, what happens next? For whatever reason, the stock market seems to always precede the economic reality: Micron (NASDAQ:MU) reached a high of $98.45 on January 5th, 2022 and is trading at $50.00 today.”