Jim Cramer on Micron: "I Think This Stock's Got $200 Written All Over It"

Micron Technology, Inc. (NASDAQ:MU) is one of the stocks Jim Cramer put under the microscope. During the show, a caller asked if it was time for them to sell their position in the stock, and Cramer replied:

“No, no, please. We just went through a huge bout of selling in Micron. I talked to Sanjay Mehrotra. I thought it was an absolutely terrific quarter. I think this stock’s got $200 written all over it. This is just a great buy-and-hold/homework. People keep trading in and out of it. You know what?… They miss all the gains. You haven’t. Stick with it.”

Micron Technology, Inc. (NASDAQ:MU) develops and sells memory and storage solutions, including DRAM and flash products, under brands like Micron and Crucial. Its technologies serve markets including data centers, mobile devices, PCs, automotive, and consumer electronics. Cramer discussed the company’s latest earnings during the September 24 episode. He commented:

“Last night, Micron reported… But the numbers were good, people. Ignore the trading. No, the numbers were like stellar… Micron only gives guidance for one quarter at a time. That’s been their tradition, but their outlook for the current quarter was excellent…

In short, Micron’s not just riding the data center wave like everybody else. They’re actively innovating and getting products that are ideally suited for the data center to market faster than the competition. And by the way, just so you know, these guys used to be behind a lot of the companies, like in Japan. They’re now ahead of them. And look, as strong as the data center business is, it’s not just the data center. Micron’s other top-end markets are also looking pretty good at this point, even if they’re not putting up the insane numbers…

Bottom line: Coming into Micron’s earnings, I was wondering if the company could report anything that could justify the stock’s incredible run. You know what? That’s exactly what they did. After this Titanic quarter, I think Micron can keep running. I just hope we get more pullbacks like this so that you can buy it on weakness. Yes, the Micron quarter really was that good.”

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Disclosure: None. This article is originally published at Insider Monkey.