Micron Stock Rebounds 1.4% as Wall Street Raises Targets to $1,500
Mondeum Capital (UK) Limited
Micron shares are climbing again after a short drop. The stock rose 1.4% early Wednesday, bouncing back from a more than 6% fall the day before, which happened as tech stocks pulled back after Monday’s record high. The decline lasted less than a day, which has been typical for Micron this year. Here’s what’s behind the latest analyst upgrades and what investors are focusing on for next week.
Deutsche Bank, TD Cowen, and Cantor Fitzgerald have each set a $1,500 price target for Micron since Friday, according to FactSet. This suggests about 47% potential upside from Tuesday’s close. Deutsche Bank kept its Buy rating and raised its target, pointing to stronger industry demand as the reason for higher estimates before Micron’s third-quarter earnings report next week.
Micron’s stock has shown strong resilience this year. After a six-day losing streak at the end of March, it has only had back-to-back losses four times, with just one stretch lasting three days. Over the past year, the stock is up about 750%.
The biggest factor for the rest of Wednesday is the Federal Reserve’s rate decision and the first press conference from new chairman Kevin Warsh. Tech stocks often react to hints about future interest rates, so a tough stance from Warsh could cause short-term swings in the sector. For Micron, though, next week’s earnings report is more important. Deutsche Bank’s recent estimate changes show that analysts expect strong demand for AI memory hardware to continue.
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