Micron (NASDAQ:MU) stock is on the move Wednesday as one analyst believes the memory market is close to reaching its bottom.
Daiwa analyst SK Kim is behind today’s positive movement for MU stock with their “buy” rating and $65 per share price target for the stock. For the record, the analysts’ consensus for MU shares is a “moderate buy” with a price prediction of $68.59 per share.
According to the Daiwa analyst, MU stock will likely still suffer during the first half of 2023. That’s due to prices continuing to fall as investors increases. But the second half of the year will be a different story. Kim is expecting improvements in the second half of 2023 that will lead to an even greater recovery in the following year.
What This Means for MU Stock
MU stock is already seeing gains on this positive rating today. However, the price target of $65 per share implies an upside of about 29% compared to yesterday’s close. While MU stock may give up some of the ground it’s gained today, it seems possible that the shares won’t stay down for long once memory prices begin to rebound.
Investors will note that MU stock is seeing a decent amount of trading today with nearly 15 million shares on the move. That’s closing in on its daily average trading volume of about 17.2 million shares.
MU stock is up 7.7% as of Wednesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.