CryptoCurrency
Micron Set for Profit Surge with High-Margin Products and AI-Driven Market Expansion, Analyst Says
Cantor Fitzgerald analyst C J Muse reiterated Micron Technology Inc (NASDAQ:MU) with an Overweight rating and a $150 price target.
The price target of $150 reflects ~14 times Muse’s calendar year 2025 EPS estimate versus the prior 13 times.
Muse highlighted key takeaways from its investor call with Micron.
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The discussion mainly focused on the overall health of the DRAM or HBM market and Micron’s increasingly differentiated product portfolio.
The company noted that the meaningful outperformance for the November quarter guide was driven entirely by strength within the Data Center, from both the Cloud and Enterprise.
Overall, the company expects server growth in the mid-single-digit %, driven by both AI and traditional, non-AI servers.
Muse noted that assumptions for both PCs and Smartphones appear very conservative, with a recovery only expected into the May quarter and beyond. Overall, the guide seems conservative as per his expectations.
While HBM has been investors’ primary focus, Muse noted that the overall shift to higher-value and higher-margin solutions is an underappreciated part of Micron’s story.
Beyond HBM, this includes products such as high-capacity server DRAM DIMMs, LPDDR5, and eSSD, which the company expects to each achieve multi-billion dollars in revenue in fiscal 2025, and likely allowing for a higher profitability floor given the structurally higher gross margin nature of these products.
Muse writes that the company discussed additional details on its HBM3E 12-high products, which continue to exhibit technological leadership, including significantly better power efficiency compared to competitors. The company also highlighted a recent publication on its 12-high products.
The analyst said Micron’s 12-high will likely ramp with volume shipments in the early calendar year 2025, with meaningful revenue to come in the back half of 2025. He added that Micron expects the gross margins for its 12-high products will likely be an additional tailwind in 2025.
Muse found comfort in the reiteration that the outsized Capex spent in fiscal 2025 will not translate into new bit output until 2026 the earliest. Bit oversupply continues to be an investor concern.
However, Micron reiterated that most spending is geared towards shell or clean-room space, with initial bits out of Idaho coming in 2026 and New York in 2027+, the analyst said. Add a bit of loss to the HBM transition, and he views DRAM as an undersupply for all of 2025.
As highlighted in Muse’s recent note, it appears certain that the DOC or BIS will embargo sales of HBM from Micron, Samsung, and Hynix into mainland China.
While Micron has zero exposure to China HBM sales, the worry is how Samsung will repurpose the wafer capacity dedicated to China elsewhere globally.
His sense, though, is the HBM embargo will likely coincide with adding ChangXin Memory Technologies and Swaysure to the entity list, thereby likely adding incremental demand for DRAM bits from China.
Muse projects first-quarter revenue of $8.70 billion and EPS of $1.74.
Price Action: MU stock is down 3.49% at $100.09 at the last check on Tuesday.
Also Read:
Photo: courtesy of Micron
Latest Ratings for MU
Date |
Firm |
Action |
From |
To |
---|---|---|---|---|
Feb 2022 |
Wedbush |
Upgrades |
Neutral |
Outperform |
Jan 2022 |
Goldman Sachs |
Maintains |
Buy |
|
Jan 2022 |
New Street Research |
Initiates Coverage On |
Buy |
View More Analyst Ratings for MU
View the Latest Analyst Ratings
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This article Micron Set for Profit Surge with High-Margin Products and AI-Driven Market Expansion, Analyst Says originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Suze Orman Says The Personal Finance Of Americans Is ‘Really, Really Bad’ Even Though The Stock Market Is Doing Great
In a recent conversation with Chris Wallace on CNN Max, Suze Orman highlighted that while the stock market is performing well, it doesn’t reflect how most American households are really doing financially.
“What if I were to tell you that 75% of the people in the United States don’t have $400 to their name in case of an emergency?” Orman said, describing the financial situation of ordinary Americans as “really, really bad.”
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Although we often use the stock market to measure economic health overall, Orman emphasizes that it doesn’t reliably tell us how the everyday American is doing. “On the whole, ordinary human beings in America today are living paycheck to paycheck and they’re not doing well at all,” she explained.
As household debts rise and reliance on credit cards increases, it’s clear that individuals may be in a deeper financial crisis. Last summer, U.S. credit card debt surpassed $1 trillion for the first time, a milestone that Orman pointed to as a symptom of a much larger issue.
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Even as some sectors of the economy show strength, Orman made it clear that inflation makes it difficult for most Americans to keep up. Wallace, taken aback by Orman’s statistics, asked her to elaborate on what she described as a “financial pandemic.”
“We’re in a pandemic in that there isn’t a financial vaccine to cure this,” Orman explained, adding that the crisis won’t be resolved by external forces. The only way forward, she argues, is for individuals to take responsibility for their financial well-being. “The government’s not gonna save them. The economy is not gonna save them. They’re gonna have to be their own financial vaccine so to speak.”
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Orman’s stark warning reflects a growing disconnect between market performance and individual financial health. While stock market gains might boost portfolios for wealthier Americans, many face difficult choices, living paycheck to paycheck with little to no safety net.
A recent MarketWatch survey corroborates Orman, stating that nearly two-thirds of Americans feel like they are living paycheck to paycheck.
In response to this crisis, Orman has cofounded SecureSave, a business that addresses one critical component of personal finance: emergency savings. Through this business, Orman hopes to help people build a financial cushion that can protect them in times of need.
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“The goal of money is for you to be secure,” Orman told Wallace. She explained that SecureSave partners with employers to allow workers to automatically save a portion of their paycheck, making it easier to build an emergency fund without thinking too much about it.
With the program, employees can save small amounts, such as $25 per paycheck, and some employers offer to match a portion of those contributions. “Within a year period of time, they have about $1,000,” Orman noted, adding that the goal isn’t to amass large sums right away but rather to establish a savings habit that can lead to bigger habits like saving for retirement.
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These emergency savings accounts are FDIC-insured and employees can access the money whenever needed.
The stock market may be doing well, which is great for retirement and investment accounts, but many people don’t have the basics of emergency savings. Orman’s message is that security doesn’t come from market gains – not that it can’t help – but from building healthy financial habits like emergency savings that can provide stability in uncertain times.
If you’re facing financial uncertainty and unsure where to start building security with your own finances, consider speaking with a financial advisor. They will offer advice tailored to your unique situation and help you determine a plan that matches your financial goals.
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This article Suze Orman Says The Personal Finance Of Americans Is ‘Really, Really Bad’ Even Though The Stock Market Is Doing Great originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Berkshire Plans New Yen Bond Sale in Boost to Trading Houses
(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. is planning its second yen bond sale this year, fueling gains in trading houses on speculation it’s looking to boost investments in Japan.
Most Read from Bloomberg
Berkshire hired BofA Securities Inc. and Mizuho Securities Co. for a potential benchmark yen-denominated senior unsecured bond offering in the global market. The company is a regular issuer of yen bonds and last sold such debt in April, in the firm’s largest such deal since it first tapped the market in 2019.
The company’s fund-raising plans are closely watched by equity-market investors as Buffett has purchased stakes in trading firms, which helped propel the Nikkei 225 stock gauge to a record high earlier this year. Veteran investor Buffett said in his annual letter in February that Berkshire has financed most of its investment in Japanese companies through yen bond offerings.
Berkshire had about ¥1.41 trillion ($9.8 billion) of yen bonds outstanding as of Oct. 1, according to data compiled by Bloomberg.
“There’s still more room for Berkshire to increase its stake in trading houses,” said Takehiko Masuzawa, head of equity trading at Phillip Securities Japan. For the Japanese stock market overall, “this is good news for those looking to buy, and it will give them the push they need.”
Shares of Japanese trading houses outperformed in Tokyo, with a measure of the companies on the Topix closing 2.6% higher. That compared with 1.7% for the broader index. Both Itochu Corp. and Mitsui & Co. climbed 3.6%.
The extra yield on Berkshire’s 2027 notes – one of its most-traded yen bonds – was about 60 basis points on Monday, according to data compiled by Bloomberg. The notes were sold at a spread of 51 basis points in April. Average yield premiums on yen bonds in a Bloomberg index tightened to 44.8 basis points from about 58 basis points at the start of the year.
–With assistance from Finbarr Flynn.
(Adds amount of yen bonds outstanding in fourth paragraph, updates chart to show total issuance volume, updates share prices.)
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©2024 Bloomberg L.P.
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