Micron Technology, an American multinational company operating in the semiconductor sector, recorded above-expected results in the first quarter of FY 2022 (ended December 2, 2021) and reported a positive outlook for the next few months. Last quarter’s revenue was $7.69 billion, compared to $8.27 billion in the previous quarter and $5.77 billion for the same period last year. Non-GAAP net income was $2.47 billion, while earnings per share were $2.16. The market, according to Refinitiv data, expected sales of $7.67 billion and earnings per share of $ 2.11 per share.
Micron Technology [MU.O] rose sharply to $87.2 in pre-trading (+ 6.3%). On Friday, this stock closed at $82 (-1.2%). The intonation of Micron Technology remains positive, which after a strong rise up to almost $90 has started physiological profit taking, returning to support in the $80 area. For those who had already entered the stock, we see no reason to exit and we confirm the first target at $90 and then on a break of this level on the all-time highs of $97.
We recommend going LONG on the action by buying the Leverage Shares 2X Micron Technology ETP (ISIN: IE00BKT66K01), with an increase in exposure on possible decreases towards $80, with short-term target towards $90 and later, in the event of a breakout, at $97. Alert/stop loss should be below $77 (closing daily).