Where Will Micron Technology Be in 5 Years?
A closer look at the memory market's prospects over the next five years suggests that Micron Technology still has multibagger potential.
Where Will Micron Technology Be in 5 Years?
Overview
Shares of Micron Technology (NASDAQ: MU) have rocketed higher over the past year, jumping by an impressive 831% as of this writing. The chipmaker has been reaping the benefits of the massive surge in memory demand.
Its revenue and earnings have been growing exponentially, powering the stunning rally in Micron stock. However, you may be wondering whether Micron has room to move higher after its astronomical run. After all, the stock's 12-month median price target of $1,100 suggests that it could drop 3% from current levels. But what's worth noting is that 46 of the 49 analysts covering Micron rate it as a buy.
Details
In fact, I won't be surprised to see analysts raising their price targets given the demand-supply conditions in the memory industry. More importantly, the favorable industry factors driving Micron's growth are likely to persist in the long run. That's why it would be a good idea to take a hard look at Micron's prospects over the next five years to understand how profitable a long-term investment in Micron could be.
Source
Originally published at www.fool.com.
