Why Micron Stock Hit a New All-Time High Today
Key Points
Micron rose today after Raymond James raised its price target on the stock.
Investors are betting that Micron will continue to see very strong AI-related demand.
The company is set to publish its fiscal Q3 results on June 24.
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Micron (NASDAQ: MU) stock's bullish rally continued with another day of strong gains in Monday's trading. The memory chip leader's share price ended the daily session up 6.6% and had been up as much as 7.8% earlier in trading.
Micron's valuation moved higher today in response to bullish analyst coverage and rising excitement surrounding the company's artificial intelligence (AI) opportunities. As of this writing, the stock is now up 262% year to date.
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An investment firm just raised its target for Micron stock
Before the market opened this morning, Raymond James raised its price target for Micron from $530 per share to $1,100 per share and maintained an outperform rating on the stock. Melissa Fairbanks, the firm's lead analyst on the stock, sees a very favorable demand backdrop for the memory industry and said that the firm's team saw strong investor support for the company's valuation. After today's gains, Raymond James' new price target implies additional upside of roughly 6%.
Micron is on the verge of a big business update
After the market closes on June 24, Micron is scheduled to publish results for the third quarter of its current fiscal year -- which ended near the end of May. With its last quarterly update, Micron's midpoint targets called for sales of roughly $33.5 billion and non-GAAP (adjusted) diluted earnings per share of approximately $19.15. The business is likely to post results that come in significantly above those levels, but expectations are high heading into the report.
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Keith Noonan has positions in Micron Technology. The Motley Fool has positions in and recommends Micron Technology. The Motley Fool has a disclosure policy.
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