MU - Micron Technology Stock Has 21% Upside According to 1 Wall Street Analyst
2024-04-07 12:00:00 ET
Shares of Micron Technology (NASDAQ: MU) have surged to new highs this year as the memory chip leader is on the verge of returning to profitable growth. The stock still has room to run, according to Citi analyst Christopher Danely.
After talking with the company's management team, the analyst maintained a buy rating on Micron stock with a $150 price target , which would represent upside of 21% from Friday's closing price of $123.58.
Micron is one of the leading suppliers of dynamic random access memory (DRAM) and solid-state storage for computers, smartphones, and data centers. Revenue from these products can swing wildly every few years due to cyclicality, and you can see the downward trend since 2022.
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Micron Technology Stock Has 21% Upside, According to 1 Wall Street Analyst