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Goldman loves this chip stock ahead of earnings results next week, sees 20% upside

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Goldman Sachs trimmed 2024 estimates for this chipmaker, but it's still bullish on the stock ahead of quarterly results. Here's why.

Goldman Sachs is optimistic on Micron Technology stock ahead of quarterly results. The firm reiterated a buy rating on the chipmaker's stock in a Tuesday note, accompanied by a $85 per share price target. Goldman's forecast implies roughly 21% upside from Monday's $70.50 close. Micron stock has added nearly 41% from the start of the year. MU YTD mountain Micron Technology stock.

"[W]e expect the combination of improving demand trends and disciplined supply to drive higher pricing, improving margins/EPS and, in turn, sustained stock price outperformance over the coming quarters," Hari said. And while a downturn in memory stocks sheds some doubt on the future of stock outperformance in the sector, "overall DRAM [direct random access memory] industry fundamentals will return to a positive trajectory on a through-cycle basis," Hari said.

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