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Micron Technology (MU), the memory chip maker, generated $33.2 billion in adjusted FCF in its fiscal Q4, released on Sept. 30. That represents over 61% of its revenue, an extremely high FCF margin. For example, last quarter it was 42%.
These strong results and higher revenue forecasts from analysts have led to higher MU price targets (PTs). As a result, one attractive play for value investors is a put credit spread.
