Micron Technology (MU) — This stock was recommended on March 25 at $10.01, when I said: “With momentum high, this stock should eventually meet analysts’ target of $14. However, this is a very volatile stock, so a buy under price of $10.50 is suggested.”
Micron rose 2.75% Thursday, making it one of the best performers of the S&P 500 stocks. This was no doubt due to a Stifel Nicolaus analyst reiterating a “buy” rating and raising his price target from $14 to $16 due to better prices for DRAM and NAND flash products, which are the core of Micron’s business. It was noted that these prices will probably continue to rise through 2014.
The stock has accelerated its advance, and the trading target is now increased from $14 to $16-plus. Longer term, this stock could double from current price.