MU - Why Micron Technology Stock Rallied on Monday Morning
2024-04-08 12:44:37 ET
Shares of Micron Technology (NASDAQ: MU) popped on Monday morning, jumping by as much as 5%. As of 11:36 a.m. ET, the rally had faded somewhat, though the stock was still up 1.2%.
The catalyst that sent the memory and storage chipmaker higher was a vote of confidence from a Wall Street analyst.
KeyBanc analyst John Vinh maintained his overweight (buy) rating on the stock while increasing his price target to $150 from its previous level of $135. That suggests potential upside of roughly 21% compared to Friday's closing price, on top of the stock's 115% gains over the past year.
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Why Micron Technology Stock Rallied on Monday Morning