Analyst Remains Bullish On Micron And These 2 Semiconductor Stocks Following Mixed Earnings

Following Micron Technology Inc's (NASDAQ: MU) mixed financial results, Wells Fargo analyst Aaron Rakers maintained his long-term bullish outlook on the stock. He also sees upside in NVIDIA Corp (NASDAQ: NVDA) and Advanced Micro Devices Inc (NASDAQ: AMD).

What Happened: Micron reported adjusted quarterly earnings of $2.42 per share, which beat the estimate of $2.33 per share. The company reported quarterly revenue of $8.27 billion, which beat the estimate of $8.22 billion.

Micron expects fiscal first-quarter earnings to be in a range of $2 per share to $2.20 per share versus the estimate of $2.61 per share. The company expects fiscal first-quarter revenue to be in a range of $7.45 billion to $7.85 billion versus the estimate of $8.63 billion.

Wells Fargo's Assessment: Rakers told CNBC Micron's financial results were "relatively in line" with his expectations.

The company may face some near-term inventory issues, but the Wells Fargo analyst thinks "the longer-term positive thesis is still very much intact for Micron."

"Regardless of the near-term choppiness, we very much do like Micron," Rakers said.

Micron CEO Sanjay Mehrotra is set to appear on "Mad Money" with Jim Cramer Wednesday at 6 p.m. ET.

See Also: How Apple, Microsoft and Nvidia Stocks Are Reversing Course And What To Watch For

Other Semiconductor Opportunities: The Wells Fargo analyst said the firm sees positive upside potential in Nvidia stock.

"[Nvidia is] a platform story. We think there are many tentacles of future growth opportunity for Nvidia inclusive of the data center momentum that they are seeing today," he said.

Wells Fargo also has a positive outlook on Advanced Micro Devices, Rakers told CNBC: "On a market share gain story, our thesis is continuing to play out."

MU, NVDA, AMD Price Action: Micron was down 1.89% at $71.71, Nvidia was down 0.27% at $206.41 and AMD was down 0.81% at $100.70 at time of publication.

Photo: Gerd Altmann from Pixabay.