What's Going On With Micron Stock?

Micron Technology, Inc. MU shares are trading higher Monday as the semiconductor sector continues to recover from recent losses.

The Details:

Shares of semiconductor companies moved higher last week following the Fed's larger-than-anticipated interest rate cut on Wednesday. Micron shares have gained nearly 7% over the past five days. 

The company is set to report its fourth-quarter financial results after Wednesday's closing bell and will host a conference call at 4:30 p.m. the same day. According to estimates from Benzinga Pro, analysts expect Micron to report quarterly earnings of $1.13 per share and revenue of $7.635 billion. 

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Multiple analysts cut price targets on Micron last week heading into the company's earnings release, including:

• TD Cowen analyst Karl Ackerman maintained a Buy rating on Micron Technology, but lowered the price target from $160 to $115.
• Wells Fargo analyst Aaron Rakers maintained an Overweight rating and lowered the price target from $190 to $175.
• Stifel maintained its Buy rating, but lowered the price target on Micron's stock from $165 to $135.

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 $152.29 on Micron Technology. The Street high target is currently at $225 and the Street low target is $67. Of all the analysts covering Micron Technology, 19 have positive ratings, one has a neutral rating and one has a negative rating.

In the last month, 9 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 13.79% 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 up 2.68% at $93.34 at the time of publication Monday.

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