What's Going On With Micron Stock?

Micron Technology, Inc. MU shares are trading lower Thursday after Raymond James lowered its price target on the stock from $160 to $125.

What To Know:

Micron's stock has shed more than $70 billion in market value since June as stocks in the semiconductor sector struggled amid Nvidia's second-quarter results, a short report on SMCI, speculation surrounding a possible AI "bubble" and other factors. 

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However, some investors remain optimistic on Micron, including CNBC host Jim Cramer, who recommended buying the stock at the $98 or $99 per share mark. 

Also, B of A Securities analyst Vivek Arya named Micron an attractive tech stock at its current price point. The analyst argued recent declines in the semiconductor sector are temporarily driven by external factors rather than any weakness in Micron’s core business.

Micron is set to report its fourth-quarter and fiscal-year financial results after the market close on Sept. 25. According to estimates from Benzinga Pro, analysts expect the company to report earnings of $1.15 per share and revenue of $7.667 billion for the quarter. 

Will MU Stock Go Up?

When trying to assess whether or not Micron Technology will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $169.12 on Micron Technology. The Street high target is currently at $225 and the Street low target is $125. Of all the analysts covering Micron Technology, 24 have positive ratings, one has neutral ratings and no one has negative ratings.

In the last month, 3 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Micron Technology have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Micron Technology is 4.81% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Micron Technology, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

MU Price Action: According to Benzinga Pro, Micron Technology shares are down 4.61% at $86.49 at the time of publication Thursday.

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