Micron Technology, Inc. MU was featured as the call of the day Monday on CNBC's "Fast Money Halftime Report."
What Happened: UBS analyst Timothy Arcuri reiterated Micron as a top pick in the semiconductor space. Acuri noted that investors continue to overlook several key factors. As a result, the UBS analyst believes the risk/reward potential is skewed to the upside.
Arcuri maintained Micron with a Buy rating and lowered the price target from $120 to $115.
Why It Matters: Market Rebellion co-founder Pete Najarian owns the stock and largely agreed with the analyst call.
"I think there's a lot of reasons why it makes a lot of sense," he said.
Najarian highlighted the analyst's positive comments on strong DRAM chip pricing, as well as market share gains in the NAND and cloud spaces.
"The combination of all of those are why they are stepping up to the plate and why this is a top pick still," he said.
Najarian also noted the company has a solid balance sheet and strong free cash flow.
"A lot of reasons to like this stock despite the fact that in the background we do have a lot of things going on that are going to pull the markets lower," he said.
MU Price Action: Micron is making new 52-week lows on Monday.
See Also: Stocks That Hit 52-Week Lows On Monday
The stock was down 5.16% at $59.39 at press time Monday afternoon, according to data from Benzinga Pro.
Photo: Courtesy of Micron.
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