Core Viewpoint - Micron Technology (MU) is expected to benefit from a recovery in PC and smartphone demand in 2025, with a particular emphasis on AI PCs, which require significantly more DRAM content [1][7]. Market Outlook - PC unit volumes are projected to grow in the low single-digit range for CY24, while smartphone unit volumes are expected to grow in the low-to-mid single-digit percentage range [1]. - The inventory correction cycle for both markets is believed to be complete, but true demand recovery is still anticipated to require a catalyst [1]. AI and DRAM Demand - AI-driven demand for high-bandwidth memory (HBM) is expected to support MU's sales in 2024 and the first half of 2025, as HBM typically has a higher average selling price [7]. - DRAM sales increased by 13% quarter-over-quarter (Q/Q) this quarter and 21% in the previous quarter, indicating strong demand driven by AI applications [7]. - MU's strategic positioning in high-margin products like HBM is expected to enhance its market share [7]. Financial Performance and Guidance - MU is guiding for a 12% quarter-over-quarter growth in 4QFY24 to $7.6 billion, slightly above consensus estimates [4]. - The company plans to allocate mid-30% range of revenue for FY25 capital expenditures, which is higher than the current year due to anticipated demand recovery [4]. - Cash flow from operations for the quarter was reported at $2.48 billion, trailing expectations of $3.24 billion, leading to market overreaction [12]. Stock Performance - Since being upgraded to a buy in late 2022, MU's stock has increased by 135%, significantly outperforming the S&P 500 [9]. - The stock is currently trading at 5.5x EV/C2024 sales, which is lower than the semiconductor peer group average of 7.5x, indicating it may be undervalued [12]. Analyst Sentiment - Of the 37 analysts covering MU, 35 have buy ratings and 2 hold ratings, reflecting strong confidence in the stock's potential [14]. - The median price target for MU is $166, suggesting a potential upside of 19%-24% from the current price [14].

I initiated coverage of Micron Technology, Inc. (NASDAQ:MU) following Q2 earnings, calling it a blowout report. Today, I'm following up and reiterating my Buy rating on strong pricing dynamics in the memory industry. The market heavily rewarded Micron after fiscal Q2, given the surprisingly strong HBM performance and early return to profitability. Following the Q2 report, I wrote I am now much more bullish on Micron's medium-term outlook. The growth story here is compelling as long as you believe demand for ...

hapabapa | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------|--------|---------|-------|--------|---------|-------|---------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 24611 | 37,539 | 3.752 | | 4.010 | | 5,824 | | | | | 14,113 | (1,196) | | | (GCS) | | (366 | | 1,163 | | | | Adjusted Operating Inc. | | | | 13.514 | | | (1,208) | | | | | | | | | | | | | | | | | | | Adjustod EBITDA | | | | | | | | | | | | | Net ...

"For close to a century, Hudbay has been mining critical metals the world needs and creating value for our stakeholders – employees, community members, customers, consumers and investors – that extends far beyond investment returns," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "In 2023, we made significant advances concerning organization-wide priorities, including purpose, culture and sustainability. We also enhanced our operating platform with the recent completion of brownfield ...

TORONTO, June 12, 2024 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. ("Hudbay" or the "Company") (TSX, NYSE: HBM) today announced the release of its integrated annual and sustainability report ("Integrated Annual Report") which provides transparency and progress on key business accomplishments and sustainability initiatives in 2023 along with goals for the upcoming year and longer term. Hudbay's purpose statement serves as the cornerstone for the company's commitment to sustainability: "We care about our people, ...

Company Overview - Copper World, Inc. has signed a Letter of Intent with several unions to establish a Project Labor Agreement for the construction of the Copper World Mine in Pima County, Arizona [1] - Hudbay is a copper-focused mining company with operations in Canada, Peru, and the United States, and is committed to sustainable practices and community relations [5][6] Project Details - The Copper World Mine is one of the largest non-government-funded construction projects in Southern Arizona, expected to generate over $850 million in U.S. taxes, including approximately $170 million for Arizona [8] - The project is anticipated to create more than 400 direct jobs and up to 3,000 indirect jobs, offering competitive wages and benefits [8] - A concentrate leach processing facility is planned for the fourth year of operations, aimed at producing "Made in America" copper cathode, which will reduce energy requirements and emissions [4] Community Impact - The project will provide local jobs and higher wages, benefiting the community and local economy in Arizona [7] - Partnerships with local apprenticeship readiness programs and workforce training initiatives are intended to fill and maintain all positions [8] - The Copper World Mine is expected to generate approximately $250 million in property taxes over its 20-year life [8]

The Offering was completed pursuant to an underwriting agreement dated May 22, 2024 entered into between the Company and a syndicate of underwriters led by RBC Capital Markets and BMO Capital Markets, as Joint Bookrunners, and CIBC Capital Markets, National Bank Financial, Scotiabank and TD Securities as co-lead managers, and including Barclays Capital, Canaccord Genuity, Bank of America Merrill Lynch, Cormark Securities, ING Bank, Haywood Securities, Raymond James, Stifel Nicolaus, Eight Capital, and Parad ...

Core Viewpoint - Hudbay Minerals Inc. has successfully closed a public offering of common shares, raising a total of US$402,477,000 through the issuance of 42,366,000 common shares at a price of US$9.50 per share, including an additional 15% from the over-allotment option exercised by underwriters [1][2]. Group 1: Offering Details - The offering was completed under an underwriting agreement dated May 22, 2024, with a syndicate led by RBC Capital Markets and BMO Capital Markets [2]. - The total gross proceeds from the offering amount to US$402,477,000, which includes 5,526,000 shares from the over-allotment option [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for several near-term growth initiatives, including mine pre-stripping activities and mill optimization at Copper Mountain [3]. - Funds will also be allocated to enhance balance sheet flexibility through debt repayments as part of the "3P" plan for the Copper World project, and to evaluate throughput enhancement opportunities at Constancia and New Britannia [3]. Group 3: Company Overview - Hudbay is a copper-focused mining company with operations in Canada, Peru, and the United States, and has a pipeline of copper growth projects [9][10]. - The company's operating portfolio includes the Constancia mine in Peru, Snow Lake operations in Manitoba, and the Copper Mountain mine in British Columbia, with copper as the primary metal produced [10].

TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. ("Hudbay" or the "company") (TSX, NYSE: HBM) today announced that each of the ten individuals nominated for election as a director of Hudbay at the company's Annual and Special Meeting of Shareholders held on May 21, 2024 was elected. The detailed voting results are set out below: | Director | Number of Votes | Number of Votes | Percentage of Votes | | --- | --- | --- | --- | | | FOR | AGAINST | FOR | | Carol T. Banducci | 219,507,809 | 582,032 ...

TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. ("Hudbay" or the "company") (TSX, NYSE: HBM) today announced that each of the ten individuals nominated for election as a director of Hudbay at the company's Annual and Special Meeting of Shareholders held on May 21, 2024 was elected. The detailed voting results are set out below: | Director | Number of Votes | Number of Votes | Percentage of Votes | | --- | --- | --- | --- | | | FOR | AGAINST | FOR | | Carol T. Banducci | 219,507,809 | 582,032 ...