Micron Technology, Inc. (NASDAQ: MU ) stock was soaring on Monday following positive notes from analysts.
The increase to MU stock comes after a price target increase from Nomura Instinet analyst Romit Shah. In his letter to clients, Shah increased his price target for the stock from $55 to $100. He is also keeping his "Buy" rating for the stock.
There's one major reason from Shah that he says warrants the massive price target for MU stock. He believes that the company is currently going through a big breakout. Shah also isn't the only analysts that believes this.
Evercore ISI analyst C.J. Muse is another analysts that recently released a note concerning MU stock. In his note, Muse ups his price target for Micron Technology, Inc.'s stock from $60 to $80 . He also keeps his "Outperform" rating for the stock.
Muse believes that there is an opening for Micron Technology, Inc. in the DRAM memory market. He notes that there are only three big companies in this space and points out that they aren't overwhelming the market, reports TheStreet.com .
While some are suggesting that Micron Technology, Inc. stock still has plenty of room to grow, not everyone is in agreement. InvestorPlace's own Tim Biggan says that now is a good to to cash out MU stock as he believes a pullback is likely to occur over the next few weeks.
Micron Technology, Inc. also has an earnings report coming on March 22. This could have a major effect on MU stock, depending on the results.
MU stock was up 10% as of Monday afternoon.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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