Micron Hits Record $746.81 After 37.7% Weekly Surge and $1,000 Target
Micron shares closed at a record $746.81 Friday, capping a 37.7% weekly surge—their record high—after a rally off the 120-day moving average and Deutsche Bank’s price-target hike to $1,000 from $550. Samsung strike concerns have driven memory-supply worries, lifting the 14-day RSI to 85 and put/call ratio to 1.27.
1. Record High Performance
On Friday, Micron shares closed at a historic $746.81, marking the end of a sixth consecutive weekly gain and a 37.7% jump this week—the company’s largest weekly increase on record. The stock’s rally accelerated after bouncing off its 120-day moving average on March 31.
2. Deutsche Bank Target Revision
Deutsche Bank boosted its price target from $550 to $1,000, citing robust demand in the memory-chip segment and potential supply constraints. The new target represents a 67% upside, reinforcing bullish sentiment among institutional investors.
3. Supply Concerns from Samsung Strikes
Reports of possible strikes at Samsung Electronics have intensified worries over global memory-chip supply, contributing to increased buying interest in Micron’s shares. Market participants are monitoring labor developments in South Korea for further supply-chain disruptions.
4. Technical and Options Indicators
Technical metrics show the 14-day Relative Strength Index at 85, indicating overbought conditions, while the put/call open interest ratio of 1.27 ranks in the 87th percentile. These signals suggest cautious positioning by short-term options traders expecting a near-term pullback.