Micron Technology Inc (NASDAQ:MU) Gets An Analyst Upgrade To Go With 6.28% Gains

Micron Technology shares jumped by 6.28% in regular trading Monday, and added a further 1.04% through the after hours as news of analyst price target upgrades hit, along with noted higher call options volumes.

Investors tracking the Technology sector have every reason to cast a keen eye on Micron Technology Inc (NASDAQ:MU) as it continues to showcase a bullish stance in the market. With a YTD of 42.25%, MU not only positions itself ahead of the pack but also sends a strong signal to market watchers regarding its robust performance metrics.

MU's has outperformed almost 4/5ths of stocks in the sector YTD, placing them firmly in the crosshairs of many traders and investors. A stronger market performance in comparison to its peers, potentially underscores a company's competitive edge in terms of technology advancement, market share, or financial stability.

What's more, MU's strong start to the week is a significant leap when juxtaposed against the Nasdaq 100's minor decline of -0.34% on the same day. This jump highlights robust investor confidence and a bullish momentum that could pique the interest of both day traders and long-term investors alike. Analysts also have taken a liking to the stock over recent times with an upgrade on the boards yesterday.

Mizuho increase their own MU price target out to $130, from the previous mark of $124 and keeps the Buy rating in place. Driven by accelerated AI adoption, the firm sees the High Bandwidth Memory, or HBM, market growing at a three-year compound annual growth rate of about 65% from 2023 to 2026 to reach $17.5B by calendar year 2026

Looking at the broader picture, while the S&P 500 has seen a substantial increase of 31.40% over the past year, MU has registered an even more impressive 95.9% uptick, almost hitting the double. This performance showcases MU's exceptional growth and market resilience despite various macroeconomic challenges and industry fluctuations.

One other piece of news to hit on the day for MU was a bullish call option pattern on the weekly expiration, volume 4x expected and a Put/Call ratio of 0.28.

On balance, there are many reasons to like Micron stock, and 42.25% growth since the start of 2024 may just be the beginning. With a market cap of $129.30B, there is plenty of upside to the reach the echelons of its' industry competitors. The high price target from analysts is up at a lofty $225, with the consensus remaining one of Buy.

The consensus mark of $126 reflects almost 8% upside from the current price, but will there be further adjustments as the momentum builds?

Certainly one to watch, but as always, due diligence on the fundamentals is key, as it is all too easy to get swept away in momentum.