Morgan Stanley Just Raised Its Price Target on Micron (MU) Stock

MU stock is up alongside earnings news today

Micron (MU) stock got a new price target from Morgan Stanley. The firm upped its price target from $78 per share to $98 per share. This comes after the chip company posted a strong quarterly earnings report.

Micron (NASDAQ:MU) stock is a hot topic among traders on Thursday after getting a new price target from Morgan Stanley’s analysts.

Morgan Stanley analysts increased their price target for MU stock from $78 per share to $98 per share. That represents a potential 1.8% upside compared to its previous closing price. However, it’s still below the analysts’ consensus price prediction of $113.49 per share.

While Morgan Stanley increased its price target for MU stock, it still maintains an “underweight” rating for the shares. For the record, the analysts’ consensus rating for MU shares is a moderate buy based on 27 opinions.

What’s Behind the New MU Stock Price Target

Morgan Stanley analysts are increasing the firm’s price target for MU stock following a strong earnings report. The company managed to beat out both EPS and revenue estimates for the quarter. It also posted a strong outlook for its upcoming quarter.

The powerful earnings report from MU stock has several analysts weighing in on the company today. It also resulted in a chip stock rally that’s benefiting a few other companies this morning.

MU stock is up 14.6% as of Thursday morning, with some 30 million shares traded. That’s roughly double the company’s daily average trading volume. The stock is also up 33.8% since the start of the year.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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