Micron's stock may see its worst day since 2020. Why the bulls are still upbeat.
Analysts are largely upbeat on Micron's stock, pointing to an upbeat AI narrative while noting that pressures on consumer markets shouldn't be much shock to Wall Street. Micron Technology Inc. came up well short of the consensus view with its outlook for the current quarter, but that shouldn't have come as much surprise to Wall Street, according to to TD Cowen analyst Krish Sankar.Rather, the biggest shock to him is that Micron's stock is down so much after the company's forecast, which called for $1.43 in adjusted earnings per share at the midpoint. Admittedly, that was even under Sankar's below-consensus estimate of $1.65, but he spies a buying opportunity "given the well-understood weakness in near-term memory pricing" but upbeat tone on artificial intelligence.Micron shares are off 16.6% in morning trading Thursday and pacing toward their worst single-day percentage decline since a 19.8% drop seen on March 16, 2020, according to Dow Jones Market Data.Don't miss: Broadcom is having