In a previous article we timidly proposed that the bottom for Micron (MU) was close at hand if not already here. Since then, there have been new developments that reinforce that theory. Incidentally, the stock has shown renewed strength recently and may have even gotten ahead of itself.
The previous article was published at a time when everything was going wrong for Micron’s stock. Shortly before then, Deutsche bank analyst Sidney Ho had downgraded Micron citing inventory buildup in data centers and weakening demand elsewhere. The next day, at a KeyBanc event, Micron’s CFO disclosed that Micron may miss the revenue target at the next earnings report. Huawei ban was announced a short time later and during a subsequent BMO conference it was revealed that the ban could affect Micron’s top-line by almost 10%. If the foregoing trifecta was not enough, there were price target cuts by other analysts as