Micron Q2 FY8/24 Earnings Review

Micron Q2 FY8/24 Earnings Review
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Can Resistance Become Support?

by Alex King

We opened coverage of Micron (MU) stock this week with a Hold rating. If you missed the note, you can find it here.

The earnings print saw a swing upwards in revenue growth, gross margins, EBITDA margins and cashflows. Remember this is a highly cyclical business so these are just normal ebbs and flows, not a fundamental and lasting improvement. With cyclical business models, "on fire" is when you have to worry because they can be approaching peak-good and be about to cool off. I don't think we're there yet with Micron but a relaxing stock to own, it is not, so if you do own this one or are thinking of doing so, keep your wits about you.

Anyway, let's take a look at the fundamentals, valuation, our more detailed and recent technical analysis, and so on.

(Here's the headline numbers by the way).