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Don’t Sell This ‘Heart Attack Stock,’ Buy It

Don’t freak out.

 

Micron Technology (MU) shares were down -3% yesterday, as a Wall Street analyst warned of softness in PC pricing. But hang on a sec.

“While it’s always tempting to sell Micron and run away because it’s a heart attack stock, the data actually shows very stable, seasonal orders for smart phones and PCs,” says Hedgeye Technology analyst Ami Joseph in the video above.

Bottom Line? Joseph says:

“The bear case is still a theory while the current data is real, and we are still about 50% above Street EPS for the next 4 quarters due to the lagging impact of pricing on MU model and implied May-Aug quarterly revenue and incremental gross margins.”

Stay long.