5 Most Profitable Cheap Stocks to Buy Right Now

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1. Micron Technology, Inc. (NASDAQ:MU)

Forward P/E: 7.52

Profit Margin: 55.91%

Net Income Available to Common (TTM): $50.47 Billion

Number of Hedge Fund Holders: 154

Micron Technology, Inc. (NASDAQ:MU) is one of the most profitable cheap stocks to buy right now. On June 29, Cantor Fitzgerald raised its price target on Micron Technology, Inc. (NASDAQ:MU) from $1,500 to $2,000 and maintained its Overweight rating on the stock.

This update came after the company’s disclosure of strategic customer agreements, which points to a more durable and extended memory cycle. Cantor Fitzgerald noted that as much as half of the company’s revenue could be secured through multi-year contracts with strong gross margins. This could improve pricing dynamics, lower quarter-end volatility in negotiations, and support more consistent long-term margins compared with previous industry cycles.

On the same day, Phillip Securities also increased its price target on Micron Technology, Inc. (NASDAQ:MU) from $530 to $1,870 and maintained its Buy rating on the stock.

The research firm expects the current memory shortage to continue beyond 2027. According to Phillip Securities, Micron Technology, Inc. (NASDAQ:MU) can enter into more agreements with new and existing customers in the coming quarters.

Micron Technology, Inc. (NASDAQ:MU) is a leading semiconductor technology company that is known for its innovative memory and storage solutions. The company offers a portfolio of high-performance DRAM, NAND, and NOR memory and storage products.

While we acknowledge the potential of MU to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than MU and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: Top 10 Hot Stocks with the Highest Upside Potential and 10 Best Technology Penny Stocks with Huge Upside Potential.

Disclosure: None.

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