Micron Stock Slides Despite Flurry Of Price-Target Hikes
Memory-chip leader Micron Technology (MU) delivered better-than-expected quarterly results and gave a bullish outlook. But Micron stock slipped on Wednesday.
At least 18 analysts raised their price targets on Micron stock after the company’s beat-and-raise report late Tuesday.
However, with Micron shares up 29% through Tuesday’s close from its recent breakout, many investors were locking in profits. On Sept. 5, Micron stock broke out of a cup-with-handle base at a buy point of 128.60, according to IBD MarketSurge charts.
On the stock market today, Micron stock fell 2.8% to close at 161.71.
The big driver of Micron’s fiscal fourth-quarter outperformance was the AI data center market. The company’s Cloud Memory Business Unit…
