6 Stocks Under $7 With Upside
2. Micron Technology (MU) provides advanced semi conductor solutions and manufactures DRAM, NAND Flash memory and packaging solutions.
During the third quarter of fiscal 2011, consolidated gross margin improved sequentially to 22% from 19% on lower manufacturing costs. Net income stood at $75 million on total revenue of $2.1 billion.
The company repaid $327 million debt and closed the quarter with cash and short-term investments of $2.4 billion. For the quarter, operating cash was reported at $589 million and capital expenditure at $534 million.During the quarter, the company sold its wafer fabrication facility in Japan to Tower Semiconductor. Analysts polled by Bloomberg project 86% upside over the next one year. The stock is trading at 8.3 times its estimated 2012 earnings and 56% of analysts have a buy rating on it.
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