|Micron Stock Rises After KeyBanc Raises Price Target -- MarketWatch|
DOW JONES & COMPANY, INC. 9:02 AM ET 3/8/2018
Shares of Micron Technology Inc.(MU) are up 1.2% in Thursday morning trading after analysts at KeyBanc Capital Markets raised their price target on the stock to $65 from $53. The analysts, led by Wes Twigg, now anticipate sequential ASP declines of 2% for the fiscal third and fourth quarters, less than the 3% declines they'd previously predicted. "DRAM demand remains very high, and contract pricing has continued to increase this year amid persistent undersupply," Twigg wrote. "While we expect new supply to come online later this year, we expect bit supply to remain below demand for most of the year, and pricing could continue to increase." In general, the analysts see "relatively healthy memory markets over the midterm to long term." Micron shares are up 113% over the past 12 months, while the S&P 500 is up 15% and the Philadelphia Semiconductor Index is up 43%.
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[The stock is 54.57-54.59 at the moment on over 722k shares pre-market,pretty heavy volume with about 20 minutes to go before the market opens. Maybe climb over 55 today?]