SYRACUSE, N.Y. — Micron Technology Inc continued its recent stock market surge before the market opened on Tuesday, October 7, and a new analysis said it’s for real.
Micron closed Monday at $190.96, a fourth consecutive record close for the semiconductor company, which has benefitted from investors putting money into semiconductor-equipment stocks in recent weeks.
After-hours trading had Micron near $195 at 7 a.m. on Tuesday.
Micron, has been a winner of the unexpected spike in demand for memory and storage hardware, according to Barron’s. Seeing its stock price rise almost 140% this year and 41% in September alone.
Worries of an inflated price, which could potentially trigger a sell-off, are being quieted by a new analysis of the company by Morgan Stanley to start the week.
Morgan Stanley’s Joseph Moore said demand has been too strong to ignore, changing his target price for the stock to $220. Meaning, investors would still likely get a return on investment if they joined the surge at this point, according to Moore’s analysis. It previously had been set at $160.
“We believe we are looking at multiple quarters of double-digit price increases which can lead to substantially higher earnings power,” Moore wrote.
CNY Central will continue to track Micron developments for you. The company is set to break ground on its huge plant in Clay this fall.
