Micron Technology Stock Has 8% Upside, According to 1 Wall Street Analyst
Shares of Micron Technology (NASDAQ: MU) have been on a tear since the company's recent quarterly update. The stock hit another new high Tuesday morning after Mizuho Securities raised its price target on Micron stock from $124 to $130. This represents an upside of roughly 8% over the next 12 months or so from the current share price of $119.
The target boost follows positive commentary from Micron about near-term demand trends for its memory products that could be the start of a significant growth curve.
Micron is just starting to pull out of a sales slump. After seeing revenue decline by double-digit percentages last year, it has reported two consecutive quarters of double-digit year-over-year increases. In the most recent quarter, revenue grew 57% year over year.
Source Fool.com