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Thursday, January 04, 2024 2:48:55 PM
Micron (MU) Stock Looks to Snap Losing Streak After Upgrade
By: Schaeffer's Investment Research | January 4, 2024
• Piper Sandler upgraded MU to "overweight" from "neutral"
• The stock is moving back toward recent highs
Piper Sandler this morning upgraded semiconductor stock Micron Technology Inc (NASDAQ:MU) to "overweight" from "neutral," with a price-target hike to $95 from $70. Micron stock is up 1.3% at $83.33 at last glance, on track to snap a five-day losing streak and moving back toward its Dec. 26 52-week high of $87.87.
This bull note has Piper Sandler joining an overwhelmingly bullish majority. Of the 38 analysts in coverage, 31 carry a "buy" or better rating on MU. Plus, the 12-month consensus price target of $93.89 is a 12.4% premium to current levels.
Options traders have been optimistic as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 10-day call/put volume ratio of 1.92 ranks higher than 88% of readings from the past year.
Now looks like a good time to weigh in on MU with options, too. The stock's Schaeffer's Volatility Index (SVI) of 29% ranks in the 12th percentile of its annual range, meaning options traders are pricing in low volatility expectations at the moment.
Read Full Story »»»
DiscoverGold
By: Schaeffer's Investment Research | January 4, 2024
• Piper Sandler upgraded MU to "overweight" from "neutral"
• The stock is moving back toward recent highs
Piper Sandler this morning upgraded semiconductor stock Micron Technology Inc (NASDAQ:MU) to "overweight" from "neutral," with a price-target hike to $95 from $70. Micron stock is up 1.3% at $83.33 at last glance, on track to snap a five-day losing streak and moving back toward its Dec. 26 52-week high of $87.87.
This bull note has Piper Sandler joining an overwhelmingly bullish majority. Of the 38 analysts in coverage, 31 carry a "buy" or better rating on MU. Plus, the 12-month consensus price target of $93.89 is a 12.4% premium to current levels.
Options traders have been optimistic as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 10-day call/put volume ratio of 1.92 ranks higher than 88% of readings from the past year.
Now looks like a good time to weigh in on MU with options, too. The stock's Schaeffer's Volatility Index (SVI) of 29% ranks in the 12th percentile of its annual range, meaning options traders are pricing in low volatility expectations at the moment.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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