MU Shines on a Weak Day for Technology

Micron Technology advanced yesterday, while other tech stocks declined


Micron Technology (NASDAQ:MU) – This company is a maker of semiconductor devices, primarily DRAM, Nandi Flash memory, and other mobile computing products.

Credit Suisse analysts have an “outperform” on shares of MU, emphasizing the company’s continued execution of its strategy to diversify and upgrade its product line. Its 12-month target for MU is $12.

On Feb. 27, the stock jumped nearly 8% following the bankruptcy of a key rival, and creating a bullish “continuation gap.” Technically, MU has had high accumulation since the beginning of the year, it executed a golden cross (long-term buy signal), and recently flashed a stochastic buy signal.

Yesterday, the stock advanced while many other tech stocks declined. The technical target matches the fundamental target at $12.

Trade of the Day – Micron Technology (NASDAQ:MU)
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Trade of the Day Chart Key

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