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Investing.com - Piper Sandler maintained its Overweight rating and $165.00 price target on Micron Technology (NASDAQ:MU) on Monday, while expressing caution about the recent stock momentum ahead of earnings. The stock currently trades at $164.26, with analyst targets ranging from $95 to $200. According to InvestingPro data, MU has delivered an impressive 72% return over the past six months.
The research firm noted that Micron shares have experienced a significant runup over the past three weeks, potentially creating extremely high expectations for the upcoming earnings report, scheduled for September 23. Technical indicators from InvestingPro suggest the stock is currently in overbought territory.
Piper Sandler suggested the recent stock movement might be driven partly by improving fundamentals but also by Wall Street posturing, possibly including short covering or fear of missing out (FOMO).
The firm recommended investors wait until after Micron’s earnings report before adding to positions or chasing the stock higher, despite the current positive momentum.
Piper Sandler expressed satisfaction with the underlying fundamentals, specifically noting stability in both DDR4 and DDR5 memory pricing, with DDR4 average selling prices continuing to rise and DDR5 showing small price increases as well.
In other recent news, Micron Technology is drawing attention ahead of its earnings report with several analyst firms adjusting their price targets and ratings. Stifel has increased its price target for Micron to $173, maintaining a Buy rating, citing increased data storage demand from key hyperscaler customers. TD Cowen has also raised its price target to $180, expecting the stock to continue its short-term outperformance based on positive market checks. Rosenblatt Securities reaffirmed its Buy rating with a $200 price target, anticipating Micron to exceed its pre-announced figures and offer stronger-than-consensus guidance for the upcoming quarter, driven by constrained DRAM and NAND Flash supply and rising AI workload demands. Similarly, Wedbush has lifted its price target to $200, reflecting optimism about Micron’s position in the memory market cycle.
In contrast, Wells Fargo highlighted a potential challenge for Micron, noting Samsung’s recent qualification of its HBM3E memory by NVIDIA, which could impact Micron’s competitive landscape. Despite this, analysts remain largely positive about Micron’s prospects in the evolving memory market. These developments indicate a dynamic period for Micron as it prepares to release its earnings, with analysts showing confidence in the company’s future performance.
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