On CNBC’s "Trading Nation," Michael Binger of Gradient Investments said semiconductor stocks that have gained sharply in the recent period are likely to pull back.
Micron Technology, Inc. (NASDAQ:MU) trades at just seven times earnings, while NVIDIA Corporation (NASDAQ:NVDA) is trading around 65 times earnings, Binger said. With supply and demand being impacted significantly, he recommended buying Micron’s stock following two positive analyst reports by Citi and Evercore.
Micron was dubbed a "top pick" at Evercore. The stock made the list after it was argued the stock could benefit from the "green shoots" seen in the memory industry.
Price Action: Micron’s shares jumped 7.8% to close at $83.03 on Friday, but the stock gained just 11% this year. Nvidia, meanwhile, surged 4.1% to settle at $329.85.
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