Morgan Stanley upgraded MU to “equal weight” from “underweight”
Micron Technology Inc (NASDAQ:MU) stock is 3.1% higher to trade at $129.13, after Morgan Stanley upgraded the semiconductor stalwart to “equal weight” from “underweight.” The analyst in coverage also hiked its price target by $32 to $130, citing a better-than-expected elements regarding artificial intelligence (AI) chips.
Already outperforming in 2024, MU is hovering just below its April 4, record high of $130.54. Fresh off a third-straight weekly win, the equity boasts a solid 85.4% year-over-year lead. Don’t expect many more upgrades to the chip stock, only because most of the brokerage bunch is already bullish on MU–with only one “sell” compared to 26 “buys.”
Options bulls are targeting Micron stock after the bull note, with 16,000 calls exchanged so far — double the intraday average volume — compared to just 4,223 puts. Most popular is the May 130 call.