Paul Meeks Likes Micron To Lead The Way For Semiconductors

Independent Solutions Wealth Management's Paul Meeks said he is "overweight" on semiconductors Wednesday on CNBC's "Squawk Box."

The pace at which the world transitions from analog to digital was already happening quickly, but now it is "happening at hyper speed," Meeks said.

With the chip shortage impacting stock prices, some of the semiconductor names have room to go much higher as the shortage is resolved, he added.

Meeks told CNBC that he likes Micron Technology Inc MU in particular.

The company earned $3 per share in 2020 he said, adding that the company could easily earn $10 to $15 per share in 2 to 3 years.

Latest Earnings: Micron reported earnings of 98 cents per share and revenue of $6.24 billion in its latest earnings report on March 31.

“Micron’s strong fiscal second-quarter performance reflects rapidly improving market conditions and continued solid execution,” Micron President and CEO Sanjay Mehrotra said in the company's earnings press release. 

Micron is a leader in innovating memory and storage solutions that accelerate the transformation of information into intelligence, according to the company's website. 

Related Link: Why 3 Analysts Think Micron Technology Stock Is An Attractive Choice

MU Price Action: Micron traded as high as $96.96 and as low as $42.25 over a 52-week period. The stock was up 0.40% at $84.71 at last check Wednesday morning.

(Photo courtesy of Micron)