Following Micron's strong quarterly results, Mizuho TMT specialist Jordan Klein stated memory stocks have significant room to run. He called them "dirt cheap." Klein expressed increased confidence in the memory sector's upside. He cited tight supply conditions. These conditions are expected to intensify into the next year.
Klein believes free cash flow for memory companies will accelerate significantly. He advised investors to remain overweight in the semiconductor sector. Klein also highlighted semiconductor equipment as an emerging opportunity. He noted equipment and analog chipmakers are among the least-owned parts of the sector.