Micron Stock Looks to Snap Losing Streak After Upgrade

The stock is moving back toward recent highs

Deputy Editor
Jan 4, 2024 at 10:44 AM
facebook X logo linkedin


Piper Sandler this morning upgraded semiconductor stock Micron Technology Inc (NASDAQ:MU) to "overweight" from "neutral," with a price-target hike to $95 from $70. Micron stock is up 1.3% at $83.33 at last glance, on track to snap a five-day losing streak and moving back toward its Dec. 26 52-week high of $87.87. 

This bull note has Piper Sandler joining an overwhelmingly bullish majority. Of the 38 analysts in coverage, 31 carry a "buy" or better rating on MU. Plus, the 12-month consensus price target of $93.89 is a 12.4% premium to current levels. 

Options traders have been optimistic as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 10-day call/put volume ratio of 1.92 ranks higher than 88% of readings from the past year.

Now looks like a good time to weigh in on MU with options, too. The stock's Schaeffer's Volatility Index (SVI) of 29% ranks in the 12th percentile of its annual range, meaning options traders are pricing in low volatility expectations at the moment. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI