Micron Technology Inc. (NASDAQ:MU) shares fell in Friday’s premarket session. The decline follows a historic week where the memory maker approached a $900 billion market capitalization.
Traders appear to be locking in gains after a parabolic surge that saw the stock gain over 146% year-to-date.
Nasdaq futures are down 1.32% while S&P 500 futures have shed 0.89%.
Analyst Raises Price Forecast To $950
Bank of America analyst Vivek Arya issued a massive upward revision this week. He nearly doubled his price forecast on Micron from $500 to $950. Arya cited a “structurally lower” memory supply elasticity.
He noted that capital, power, and geopolitical constraints hinder rapid capacity expansion. “We view memory supply elasticity as now structurally lower,” Arya wrote. This shift keeps pricing …
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