Micron Technology’s Stock Could Almost Double and Hit $100 Per Share
@Micron Technology, Inc. ( #MU) continues its robust move higher Monday, with Micron stock higher by about 8.76% to $59.37 in midday trading. Can the good times last? According to not one, but two recent analyst notes, we still seem to be in the early innings of the rally. Specifically, @TheStreet ‘s @JimCramer pointed out Nomura Instinet’s whopping $100 price target while he was speaking on @CNBC ‘s “Mad Dash” segment. Analyst @Romit Shah said he believes Micron is in the midst of a major breakout, so he boosted his price target to $100 from $55. Even with the stock’s big rally on Monday — and its 13.3% rally over the past five trading sessions — Shah’s target implies nearly 85% upside. Not surprisingly, he’s maintaining his buy rating. Another with a similar rating is Evercore ISI analyst C.J. Muse. He has an outperform rating on Micron stock and just boosted his price target 33% to $80 from $60. Even though Muse’s target is $20 per share below that of Shah’s, it still represents more than 35% upside from current levels.