Micron Taps Bechtel for Clay, NY Fab; Goldman Sachs Doubles Price Target to $900
MU has more than doubled off its 52-week low of $103.38.
Summary
Micron Technology has engaged Bechtel to construct the first phase of its new memory fabrication plant in Clay, NY, which will produce advanced DRAM and NAND for various applications including AI. This significant capital investment aims to expand production capacity, aligning with the company's recent reports of demand outpacing supply for its memory products. Separately, Goldman Sachs has substantially increased its price target for Micron to $900 from $400, reflecting a highly positive outlook.
At the time of this announcement, MU was trading at $877.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $1T. The 52-week trading range was $103.38 to $1,089.29. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.