Micron Technology (MU) Stock Price Prediction: What Wall Street Thinks
Micron Technology's Performance Overview
Micron Technology (NASDAQ: MU) has seen solid performance in the last year, currently up 33.88% year-to-date. A full 20% of those gains occurred over the recent five days, an impressive feat marked by a 12% rise just on September 25.
Price Action Analysis
Backtracking provides a clearer picture of MU's price action in 2024. The stock surged to an all-time high of $153.45 in July but faced a considerable drop of 43.43% to $86.80 in subsequent months.
- A wider market selloff.
- AI bubble fears.
- Disappointing US non-farm payroll numbers.
- Bank of Japan's interest rate hikes.
These factors led to an environment where tech companies, including Micron, struggled. Despite these challenges, MU managed strong Q3 results amidst supply chain issues and memory market volatility.
MU Stock Price Upswing and Future Projections
The surge in Micron's share price correlates with impressive Q4 results published on September 25, with revenues rising to $25.11 billion. Operating cash flow reached $8.51 billion, a stunning contrast to last year's $1.56 billion.
Wall Street analysts are optimistic. With 24 out of 26 researchers rating MU as a 'Buy,' the average projected price is $151.54, signifying a potential 58.23% upside. Price targets range from a low of $67 to a high of $225, reflecting varied analyst confidence.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.