Investing can be an exciting and intimidating journey, especially for new investors who may not know where to begin. However, focusing on stocks that are expected to outperform the market over the next 12 months can provide a solid foundation for any investor.
One such stock worth considering is Micron (MU), a leading provider of semiconductor memory solutions based in Idaho. Since being added to the Zacks Focus List in December 2016 at $23.26 per share, MU’s stock price has increased by an impressive 436.59% to $124.81. Multiple analysts have revised their earnings estimates upwards for Micron, with the Zacks Consensus Estimate increasing by $1.37 to $0.80 for fiscal 2024. The company has also shown an average earnings surprise of 69.6%.
For the current fiscal year, Micron is projected to experience earnings growth of 118%, indicating strong potential for investors. Stock prices tend to respond positively to earnings estimate revisions, making it potentially lucrative to invest in stocks with increased earnings outlooks. Buying a Focus List stock like Micron could mean investing in a company that is likely to have future earnings estimates raised, leading to potential price momentum.
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