Micron Technology (MU -7.24%) stock has been on a wild ride between June 22 and July 22, trading as low as $804 and as high as $1,255. Given the volatile price swings over that time, when Micron’s stock price falls below $1,000, investors may be wondering whether it’s a “buy-the-dip” moment or if it’s better to stay on the sidelines.

Based on the median price target from 54 analysts tracked by CNN, here’s what the math suggests about whether buying Micron below $1,000 has a favorable risk-to-reward setup.

Image source: The Motley Fool.

Where Micron stock could be in the next 12 months

According to 54 analysts, the median price target for Micron over the next year is $1,600. We can work out what a return would look like if Micron were…