Analyst: Plenty of Tailwinds Blowing for Micron Stock

MU is making a run at record highs after today's upgrade

Jake Scott

Deputy Editor

May 20, 2024 at 9:58 AM

Micron Technology Inc (NASDAQ:MU) stock is 3.1% higher to trade at $129.13, after Morgan Stanley upgraded the semiconductor stalwart to "equal weight" from "underweight." The analyst in coverage also hiked its price target by $32 to $130, citing a better-than-expected elements regarding artificial intelligence (AI) chips.

Already outperforming in 2024, MU is hovering just below its April 4, record high of $130.54. Fresh off a third-straight weekly win, the equity boasts a solid 85.4% year-over-year lead. Don't expect many more upgrades to the chip stock, only because most of the brokerage bunch is already bullish on MU--with only one "sell" compared to 26 "buys."

Options bulls are targeting Micron stock after the bull note, with 16,000 calls exchanged so far -- double the intraday average volume -- compared to just 4,223 puts. Most popular is the May 130 call.

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