Within this industry, Micron shares are strong - both technically and fundamentally.
The US bank JPMorgan has recently re-ranked the Tech stock to "Overweight" and set a price target of $ 60.00.
With a forward P / E ratio of 4 (P/E around 7) and a PEG of less than 0.5, the tech company continues to look extremely attractive - both historically and within the industry. The ongoing reevaluation scenario and entry into the IoT market also bring great perspectives.
From a technical perspective, over the last few months the stock has shown an overbought situation over a broad sideways range (within the long-term downtrend), breaking above the short-term downtrend today.
If Micron makes it over the 46.80 US mark in the next few days, then the way to the all-time high at 49.90 USD would be open. Above the ATH, then even fast price gains wave into the range of 55.00 USD.
If the NASDAQ strength continues, set stop loss under 44.00 USD.