Micron Technology, Inc. shares rose nearly 10% this week after Bank of America Merrill Lynch analysts upgraded their assessment for semiconductor stocks. Analyst Vivek Arya noted that semiconductor sales were up 23% over the prior year in January, led by analog, discrete and DRAM, and he believes that there will be broad sales improvements throughout the supply chain during the second quarter.
Goldman Sachs analyst Mark Delaney also raised his price target on Micron shares from $55.00 to $58.00, saying that he expects second quarter financial results and third quarter guidance to come in ahead of Street expectations given positive DRAM trends. The options market has been extremely active following these analyst comments, with a five-to-one ratio of call options to put options during Tuesday’s session. (See also: Micron May Rise 12% as Analysts Grow More Bullish.)
Micron Technology shares hit multi-year highs in recent sessions, but traders will be watching these key areas of support and resistance. …read more
Read more here: Micron Stock Breaks Out but Could See Near-Term Consolidation