Prediction: Micron Stock Could Turn $10,000 Into a Much Larger Sum by 2030
Micron stock has made investors significantly richer over the past year, and the good news is that it can continue soaring.
Overview
A $10,000 investment in shares of Micron Technology (NASDAQ: MU) made three years ago is now worth more than $143,000, and this multibagger performance has been driven by terrific growth in the company's revenue and earnings.
The biggest factor behind this stunning surge in Micron stock is the incredible demand for memory chips, which has caused a severe supply shortage and driven prices to astronomical levels. Investors, however, are now wondering if there is room for further growth in memory prices.
Details
That probably explains why Micron stock has pulled back 17% from the 52-week highs it reached toward the end of June. Savvy investors, however, have been capitalizing on the drop in Micron's shares. The 14% jump in Micron stock over the past month suggests that investor confidence in the company's prospects is improving once again.
Source
Originally published at www.fool.com.
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