Chip Stock Soars to Record Highs After Earnings

The semiconductor name issued a strong current-quarter forecast

Deputy Editor
Mar 21, 2024 at 11:07 AM
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Semiconductor stock Micron Technology Inc (NASDAQ:MU) is soaring to record highs today, after the company's better-than-expected fiscal second-quarter results and upbeat fiscal third-quarter forecast, helped by the artificial intelligence (AI) boom. At last glance, MU was up 16.8% at $112.39, earlier hitting a peak of $113.50. 

Argus raised its rating to "buy" from "hold" after the event, joining one of several firms to upgrade the stock over the last month. A host of analysts lifted their price targets as well, with the highest from Susquehanna to $143 to $112. Of the 36 analysts in coverage, 32 carry a "buy" or better rating on MU, while the 12-month consensus price target of $125.06 sits at a 13.1% premium to current levels. 

Unsurprisingly, options traders are blasting Micron Technology stock today. So far, 375,000 calls and 134,000 puts have been traded, which is nine times the average intraday options volume. The weekly 3/22 110-strike call is the most popular, followed by the 115-strike call in that series, with new positions opening at both. 

 

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