Recently, Alger executive vice president Ankur Crawford said the company’s earnings power is “underappreciated,” arguing Micron could generate cash flow equal to roughly 30% of its current market cap over the next 18 months and as much as 50% over a longer period.
Micron’s early gains came as traders rotated back into semiconductor stocks after recent weakness. The stock is attempting to stabilize following a pullback from its June peak while remaining in a strong longer-term uptrend.
The broader market backdrop also supported the move. Stronger index futures typically benefit higher-beta technology names, and Micron has been one of the sector’s biggest winners over the past year.
Technical Analysis
Micron remains in a long-term…
