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Micron Technology, Inc. (NASDAQ:MU) shares are trading higher Wednesday. Keybanc maintained an Overweight rating on the stock and raised its price target from $160 to $165 on Tuesday.
What To Know:
Micron shares are up more than 50% year-to-date as the AI rally marches on. Micron produces memory chips needed for GPU-enabled artificial intelligence servers, which are currently in high demand from data centers and generative AI applications.
Not all analysts see the AI-fueled rally continuing at the same pace, however. On Monday, Citigroup analyst Drew Pettit expressed skepticism about the ability of chipmakers to continue to deliver large gains and advised investors to take profits and diversify across the AI value chain.
"We continue to suggest investors take profits in AI highfliers," Pettit wrote.
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According to data from Benzinga Pro, Micron shares are trading above the stock’s 50-day moving average of $129.40 and are approaching its 52-week high of $157.53 achieved at the end of June.
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Micron Technology, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Micron Technology, the 200-day moving average sits at $97.38, according to Benzinga Pro, which is below the current price of $134.35. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
MU Price Action: According to Benzinga Pro, Micron Technology shares are up 3.03% at $135.11 at the time of publication Wednesday.
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