Stocks to Sell: Micron Technology (MU)
Add Micron Technology, Inc. (NASDAQ:MU) to your list of stocks to sell sooner than later as well.
Although it’s the second-best performer within the S&P 500 Index for the past 12 months, the 200% rally for that timeframe also makes it a prime profit-taking target now that the market’s undertow is in question.
Micron shares rallied on an explosive increase in the price of computer memory, as well as forecasts that NAND memory could spike another 10% this year.
Goldman Sachs, however, thinks the bulk of the supply-crunch has already run its course and has been fully priced into MU shares. Goldman downgraded the stock earlier this month, to a “neutral” rating, and reduced the stock’s price target to $30 from $32.