Micron Technology Inc. shares surged Monday after one analyst nearly doubled his price target on the stock. Micron shares rallied nearly 12% to $60.87 at last check. Instinet analyst Romit Shah, who raised his rating on Micron to buy from reduce back in June 2016, raised his price target to $100 from $55. “We see DRAM pricing resuming an upward trend in Q2, a first-time dividend and share buyback announcement in May, continued margin expansion in NAND and increased M&A discussion as important catalysts,” Shah said. Of the 31 analysts who cover Micron, 27 have buy ratings, three have hold ratings, and one has a sell rating, according to FactSet data. Following Shah’s target hike, analysts had an average price target of $61.89 on the stock.
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