Micron's Strong Q2 and Q3 Forecast
- Analysts raise Micron's price target to $130
- Stock's largest monthly gain since January 2011
- High-bandwidth memory product expected to boost market share
Micron Technology, Inc. has reported better-than-expected financial results for the second quarter and issued strong guidance for the third quarter. The company's revenue and earnings exceeded estimates, leading to multiple analysts raising their price targets on the stock. Mizuho Securities, for instance, raised the price target on Micron Technology to $130 from $124 and maintained a buy rating. The company's stock has an average outperform rating and a price target range of $80 to $225, according to analysts polled by Capital IQ.
The company's stock is on a winning streak, marking its longest since 2019. It has seen an 8-day winning streak and is up 29.3% for the month of March, marking its largest monthly gain since January 2011. This rally is attributed to Micron's financial benefit from artificial intelligence, particularly its high-bandwidth memory (HBM) product, which is expected to see growth and potential market share increase.
The technical analysis of Micron Technologies reveals that the stock recently broke higher out of a basing pattern, indicating increased buying interest. The relative trend of the stock is higher, indicating stronger performance compared to the broader market.