Citigroup Forecasts 60% Upside in Micron Shares - Idea 19/03/24
Analysts at Citigroup have raised the target price of semiconductor manufacturer Micron Technology Inc.'s shares to USD 150 from USD 95, suggesting a 64% increase. The bank believes that the company's shares should trade at a premium relative to average market prices, considering the growing influence of artificial intelligence. The issuer is a supplier of high-bandwidth memory (HBM) chips, where AI technologies are applied. Many models of NVIDIA graphics cards utilise HBM memory.
Moreover, Micron Technology's business is sufficiently diversified. The firm manufactures DRAM and NAND memory chips, flash memory, and SSD drives. Micron is among the top 5 largest producers of DRAM and NAND, which gives confidence in their sustainable development and serves as a basis for investment analysts to forecast optimistically.
Let's consider the situation on the Micron Technology Inc. (MU) stock chart from a technical analysis perspective.
On the D1 timeframe, a support level was established at 90.30, and resistance emerged at 97.50. A slight correction within an upward trend is observed. The quotes' consolidation at the 97.50 mark can be considered the basis for the trend's continuation.
On the H1 timeframe, long positions might be interesting when rebounding from the 90.30 level with a short-term target at 101.89. In the medium term, a long position can be held up to 116.23.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Moreover, Micron Technology's business is sufficiently diversified. The firm manufactures DRAM and NAND memory chips, flash memory, and SSD drives. Micron is among the top 5 largest producers of DRAM and NAND, which gives confidence in their sustainable development and serves as a basis for investment analysts to forecast optimistically.
Let's consider the situation on the Micron Technology Inc. (MU) stock chart from a technical analysis perspective.
On the D1 timeframe, a support level was established at 90.30, and resistance emerged at 97.50. A slight correction within an upward trend is observed. The quotes' consolidation at the 97.50 mark can be considered the basis for the trend's continuation.
On the H1 timeframe, long positions might be interesting when rebounding from the 90.30 level with a short-term target at 101.89. In the medium term, a long position can be held up to 116.23.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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