5 Best Tech Stocks to Buy Now for the “Vera Rubin” Chip Cycle

3. Micron Technology Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 154

Micron Technology Inc. (NASDAQ:MU) ranks among the best tech stocks to buy now for the “Vera Rubin” chip cycle. On June 18, Wedbush increased its price target for Micron Technology Inc. (NASDAQ:MU) to $1,300 from $500, while keeping an Outperform rating on the company’s shares. The firm raised its revenue and earnings per share expectations for the third quarter and subsequent ones.

Wedbush sees strong AI demand persisting until 2027 or 2028, with a low risk of oversupply over the next 18 months. The firm anticipates its projections to rise, and expects new long-term agreements to allow for a longer peak earnings period than in previous cycles.

The same day, Rosenblatt boosted its price objective for Micron Technology Inc. (NASDAQ:MU) to $1,200 while retaining a Buy rating on the stock. The firm highlighted growing demand for DRAM and NAND Flash memory, as well as new wafer supply that is still 12 months away, as grounds for raising predictions driven by rising average selling prices.

The firm also expects potential HBM price hikes, which would close the gross margin gap with DDR5 and enhance corporate gross margin.

Micron Technology Inc. (NASDAQ:MU) provides memory and storage solutions sold into client, cloud server, enterprise, graphics, networking, smartphone, mobile-device, automotive, industrial, and consumer markets, among others.

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