Micron Technology Inc. shares shot to their best gain in more than a year Tuesday, after the memory-chip specialist provided a forecast for 2022 that offered more optimism than analysts expected.
Micron MU, +10.54% shares rose 10.5% in Tuesday trading, topping $90 for the first time since April, after executives delivered an earnings beat and strong forecast after the bell Monday. The stock enjoyed its best single-day percentage gain since April 6, 2020, when shares gained 12.5%, according to FactSet data.
At least 17 of the 36 analysts who track Micron increased their price targets in response to the earnings, according to FactSet, while cheering a bullish forecast from executives. Wedbush analyst Matt Bryson named his note “Memory winter turns into spring,” and noted that Micron executives’ forecast was a surprise given “typical conservatism” from the company’s management team.
“Micron surprised us and the Street by providing…