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
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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. 


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