MU - Why Micron Technology Stock Popped on Monday Morning
2024-03-18 13:32:25 ET
Shares of Micron Technology (NASDAQ: MU) rallied on Monday, jumping as much as 4.1%. As of 12:52 p.m. ET, the stock was still up 1.5%.
The catalyst that sent the memory and storage chipmaker higher was a vote of confidence from a pair of Wall Street analysts.
Barclays analyst Tom O'Malley maintained his buy rating on the stock while increasing his price target to $120. That suggests potential upside of roughly 29% compared to Friday's closing price -- and on top of the stock's 68% gains over the past year. The analyst expects "another strong beat and raise" from Micron, driven by improved pricing power for the processors used for dynamic random access memory (DRAM). "Beat and raise" is Wall Street parlance for results that beat analysts' consensus estimates, accompanied by an increase in the company's forward-looking guidance.
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Why Micron Technology Stock Popped on Monday Morning