MU•Bank of America reiterated its bullish stance on Micron, sending shares up 0.94%. However, an intraday bounce in chip stocks was erased by a broad selloff, reversing gains for Micron and signaling cooling momentum for the market’s hottest semiconductor names.
Bank of America’s equity research team published a note reiterating a Buy rating on Micron Technology, sparking a 0.94% share price increase during early trading. The brief update did not include changes to the existing price target.
Later in the session, a broad selloff in semiconductor names erased the intraday bounce, with Micron reversing its rally and tracking declines across the chip sector. The swift reversal highlighted the stock’s sensitivity to wider market selling pressure.
Marketwatch
