Micron Technology Stock Edges Higher on Bull Note

The security already boasts a more than 37% lead for 2023

Digital Content Manager
Sep 22, 2023 at 11:00 AM
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The shares of Micron Technology Inc (NASDAQ:MU) are up 1.2% at $68.59 at last check, on the heels of a price-target hike from Mizuho to $82 from $72. Prior to this bull note, the equity had been pulling back from another rejection at its $73 level, which also acted as resistance in late July. The 50-day moving average contained the negative price action, though, helping the shares maintain a 37.7% year-to-date lead.
 

The brokerage bunch leans overwhelmingly bullish on MU, with 21 of the 26 firms in question calling it a "buy" or better. Plus, the 12-month consensus target price of $77.74 is a 12.8% premium to current levels.

The options pits echo that optimism. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security sports a 10-day call/put volume ratio that sits of 1.96 in the 91st percentile of readings from the past year. This means calls have been getting picked up at much quicker-than-usual clip of late.

 

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