With a market cap of $105.6 billion, Micron Technology, Inc. (MU) designs and develops memory and storage products in the United States and internationally. The Boise, Idaho-based company operates through the Compute and Networking, Mobile, Embedded, and Storage business units.

Companies worth $10 billion or more are generally described as "large-cap stocks." Micron fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in the semiconductor industry. The company benefits from its wide range of offerings, including high-performance memory and storage technologies, which are used worldwide in leading-edge computing, consumer, networking, and mobile products.

Despite its strengths, MU stock prices have plunged more than 40% from its all-time high of $157.54, achieved on Jun. 18 last year. Shares of MU have observed a marginal gain over the past three months, trailing the Nasdaq Composite’s ($NASX) 1.4% rise over the same time frame.

While MU has outpaced NASX in 2025, it has underperformed over the past 52 weeks. Micron's share prices have surged 12.2% on a YTD basis and plummeted 28.8% over the past year, compared to NASX's 1% dip in 2025 and 12.3% surge over the past 52 weeks.

To confirm the overall bearish trend and recent upturn, MU has traded mostly below its 200-day moving average since late October 2024, with some fluctuations and has remained above its 50-day moving average since early May.

Despite reporting better-than-expected financials, Micron stock declined 8% in the trading session following the release of its Q2 earnings on Mar. 20. The company reported a 38.3% year-over-year increase in its revenue to $8.1 billion and surpassed the Street’s estimates. Its adjusted gross profit rose by an impressive 162.5% from the prior year’s quarter to $3.1 billion. Moreover, the company’s adjusted operating income grew by an astounding 883.8% year-over-year to approximately $1 billion. MU’s adjusted earnings for the quarter increased 271.4% year-over-year to $1.56 and surpassed the consensus estimates.

However, despite posting impressive results, the management flagged concerns about NAND oversupply and pricing pressures, which could weigh on future margins and revenue. This development unsettled investor confidence.

Its rival, Analog Devices, Inc. (ADI), has declined 8.3% over the past year and has outperformed the stock. However, in 2025, ADI observed a marginal uptick of 72 bps and has significantly lagged behind MU’s double-digit growth.

Analysts are moderately bullish on MU stock’s potential. The stock has a consensus rating of “Moderate Buy” from 30 analysts covering it, and the mean price target of $125.27 suggests a premium of 32.6% to current price levels.