Micron Stock Hits Fresh Highs After Earnings

Micron Technology, Inc. shares rose more than 2% on Thursday, hitting fresh 52-week highs after the company reported better-than-expected fourth quarter financial results earlier in the week. On Sept. 26, after the market closed, the semiconductor company reported revenue that rose 90.7% to $6.14 billion – beating consensus estimates by $180 million – and net income of $2.02 per share that beat consensus estimates by 18 cents per share.

On Sept. 27, analysts raised their price targets on Micron stock across the board. Wells Fargo raised its price target to $45.00 with an Outperform rating; Baird raised its price target to $52.00 with an Outperform rating; and Susquehanna raised its price target to $54.00 with a Positive rating. The analysts indicated that supply-demand trends remained favorable – especially in DRAM, which could drive sales and margins next year. (See also: Micron Set to Double After Q4 Beat: Analysts.)

Micron shares broke out following Q4 earnings, but traders will be watching for consolidation above these levels. …read more

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