Micron (NASDAQ:MU) stock has lost momentum in recent weeks as investors have taken profits. After peaking at a record high of $1,090 earlier this month, it retreated to $856 on June 9 before ending the week at $980. Still, analysts remain optimistic about the stock, as its valuation metrics point to further gains.
Analysts are Bullish on the Micron Stock
Micron has become one of the best-performing companies in Wall Street. It has jumped by 232% this year, making it the second-best performing company in the S&P 500 Index after Sandisk (NASDAQ:SNDK).
Micron has soared by over 1,100% in the last 12 months, with its market capitalization crossing the $1 trillion mark.
Wall Street analysts are bullish on Micron, citing its large and growing addressable market and the ongoing DRAM shortage. Benzinga data shows that most pros have boosted their targets for the stock.
