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On September 17th, Goldman Sachs stated that gasoline prices are poised for further increases as tight supply conditions spread in the global fuel market. The bank has adjusted its trading strategy, shifting its focus from diesel to this widely used vehicle fuel. Analysts, including Yulia Zhestkova Grigsby and Daan Struyven, noted in a report: "The key reason behind this new recommendation is that refiners are shifting production from gasoline to diesel, leading to a rapid tightening of the gasoline market supply." In a report dated September 16th, analysts stated that while diesel prices may still rise further, gasoline currently offers "greater upside potential" due to factors such as more resilient demand and relative inventory changes. Therefore, the bank closed out previous positions on different diesel contract spreads (i.e., time spreads) and recommended establishing long positions in European gasoline targeting mid-2027.On September 17th, according to the Financial Times, Emulate, a UK-based AI startup founded just one month ago by former DeepMind researchers, is launching a new funding round worth hundreds of millions of dollars at a post-money valuation of nearly $4 billion. Sources familiar with the matter revealed that the company is in advanced talks with potential investors, planning to raise up to $700 million, which would bring its valuation to $3.7 billion upon completion. The sources also stated that this massive funding round will be jointly led by prominent UK venture capital firm Index Ventures and Silicon Valley-based Lightspeed Venture Partners.According to the Financial Times, Emulate, a British startup founded by former DeepMind researchers, is raising hundreds of millions of dollars in a new funding round just one month after its founding, with a valuation of nearly $4 billion.On September 17th, Robert Sorkin, chief U.S. economist at PGIM, stated that the latest Federal Reserve meeting signaled that the Fed could implement three rate hikes, or even more if necessary, with just a slight push. This rate hike was hawkish, signaling another rate hike this year. Of the 18 Fed officials who submitted forecasts, eight expect three rate hikes in this cycle by the end of 2027. In a report, Sorkin noted that Fed Chairman Warshs mention of the Fed "withdrawing some easing measures" suggested that he and other participants viewed Wednesdays action as merely a small step towards tightening financial conditions, implying further action is possible. Sorkin added that the risk of further Fed rate hikes remains high if inflation continues to be high.On September 17th, Futures News reported that Zhang Guoqing, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, stated in his concluding remarks that it is essential to thoroughly study and implement the spirit of General Secretary Xi Jinpings important instructions and the requirements of Premier Li Qiangs speech, and to earnestly enhance the sense of urgency, responsibility, and mission in developing advanced manufacturing. He emphasized the need to focus on key areas and crucial aspects, deeply implement the high-quality development action plan for key industrial chains, vigorously develop next-generation intelligent manufacturing, accelerate the upgrading and integrated development of the industrial system, and solidly promote the implementation of various tasks. He also stressed the importance of better leveraging the role of market mechanisms, accelerating the construction of a high-quality standard system, continuously rectifying disorderly and irrational competition, actively helping enterprises solve practical difficulties, and striving to create a favorable ecosystem for the development of advanced manufacturing.

Why Micron Stock May Be a Good Bet in 2022, Outperform Broader Semis

Teddy Fairbank

Dec 21, 2021 15:22

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Micron is experiencing an increase in demand for memory chips due to cloud computing business and the quick adoption of 5G cellular networks. Development is driven by high-value options, consumer engagement and expense structure improvement.

 

" We believe Micron Technology (MU) must outshine more comprehensive semis in 2022 based on 1) a notable reduction in consumer DRAM stock levels throughout server, PC and mobile markets; 2) more logical DRAM wafer capacity development in 2022 than 2021; and 3) strong take advantage of to growing DRAM content in AI/ML servers, ADAS and EV automobiles, and 5G Android smart devices. We are increasing our price target from $80 to $99," noted Karl Ackerman.

 

Later today, the world's leading semiconductor manufacturer is expected to report its financial first-quarter profits of $2.01 per share, representing year-over-year development of more than 155% from $0.78 per share seen in the very same quarter a year ago.

 

The Boise Idaho-based semiconductor business is anticipated to publish revenue growth of over 30% to around $7.7 billion from a year earlier. In the last two years, the company has actually constantly topped expectations on profits per share.

 

However, for the financial Q1 guidance, the world's leading semiconductor producer forecast profits of $7.65 billion, plus or minus $200 million, missing the Wall Street agreement of $8.57 billion. In addition, the business predicted adjusted earnings per share of $2.10, plus or minus 10 cents, missing expectations of $2.33.

 

The company, which provides components for Apple, has actually been impacted by short-term supply problems in its own supply chain. Power interruptions in China have affected the supply chains for other tech companies as well.

 

" Micron's revenues are much larger than that of Texas Instruments Incorporated (TI), however the latter has a greater EBIT margin and a much better cash cushion. Our contrast of the post-Covid recovery above, reveals that Micron has been carrying out better than TI lately. Offered Micron's P/S ratio of around 3x, compared to TI's 10x, our company believe that this space could close. We think that Micron stock is currently a much better bet compared to Texas Instruments stock," stated analysts at TREFIS in its December 16 note.

 

Micron Technology stock soared over 10% up until now this year. It traded 1.27% lower at 81.95 in pre-market trading on Monday. 

Expert Comments

" While the underlying demand trends are strong and manufacturer inventory levels are low heading into a duration of seasonal strength, there are some signs of stock modifications short term after customers-built inventory," kept in mind Joseph Moore.

 

" We see need growth on the back of seasonality, memory elasticity/higher content per unit, and low consumer inventories, and really slow supply development in DRAM offered decreases in capex. We continue to believe that memory stocks have a relatively distinct profits cycle, though highs and lows are most likely to be much better than they have actually been traditionally."

Micron Technology Stock Price Forecast

Twenty-two experts who provided stock ratings for Micron Technology in the last three months forecast the average price in 12 months of $99.18 with a high forecast of $165.00 and a low forecast of $58.00.

 

The average price target represents a 19.49% modification from the last price of $83.00. Of those 22 analysts, 16 ranked "Buy", five rated "Hold" while one ranked "Sell", according to Tipranks.

 

Morgan Stanley provided the base target price of $75 with a high of $120 under a bull circumstance and $40 under the worst-case circumstance. The firm offered an "Equal-weight" ranking on the semiconductor's stock.

 

Several other analysts have likewise updated their stock outlook. UBS raised the target price to $99 from $90. Cowen and company raised the price objective to $99 from $80. Mizuho upped the price target to $95 from $75.

 

Technical analysis recommends it is great to purchase now as 100-day Moving Average and 20-200-day MACD Oscillator indicates a purchasing opportunity.

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