Micron Technology experienced a rise in its stock price of 3.25% by 12:37 p.m. ED on Monday, following an upgrade from Morgan Stanley. The memory chipmaker was upgraded to “equal-weight” from “underweight,” leading to the increase in stock value.
The upgrade from Morgan Stanley came with a prediction that Micron could announce positive earnings this quarter. This is attributed to the ongoing ramp-up phase of high-bandwidth memory (HBM) supply by the chipmaker.
At $129.36, Micron Technology’s stock had increased by $4.07 since the morning session began. Morgan Stanley also raised the price target for Micron shares to $130.00 from its previous target of $98.00, adding further confidence in the company’s potential for growth and profitability.
With this news, investors are eagerly awaiting the release of Micron’s quarterly earnings report, which is expected to be positive due to the company’s HBM supply ramp-up efforts. As a result, it’s looking like Micron Technology is set for continued success in the memory chip industry as it continues to innovate and expand its product offerings.
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