Micron Technology (MU) stock surged 5% in intraday trading, outperforming the broader market despite a price target reduction from a major analyst. The semiconductor company's shares rallied as investors focused on the maintained positive outlook rather than the lowered price expectations.
Barclays, a prominent financial services firm, reaffirmed its Overweight rating on Micron Technology while adjusting its price target to $95 from the previous $115. This move signals continued confidence in the company's long-term prospects, even as near-term expectations are moderated. The maintained Overweight rating suggests that Barclays analysts believe Micron's stock will outperform the average total return of the stocks in the analyst's coverage universe over the next 12-18 months.
The strong performance of Micron Technology aligns with the overall positive sentiment in the tech sector. The Nasdaq 100 index, which includes many leading technology companies, saw significant gains, rising 2.46% to 18,245.78 points. Micron was among the top performers in the index, alongside other tech giants like Netflix and Tesla, reflecting a broader appetite for technology stocks among investors.
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