Why Micron Stock Just Popped
Yahoo Finance ·
Micron ( MU +4.18% ) stock jumped 4.5% through 10:35 a.m. ET Friday -- and you can thank private equity firm Lynx Equity for that. In a note out last night, Lynx predicted a "breakout" for Micron stock, reiterating its opinion that $1,000 Micron stock could rise more than 30% to hit $1,325 within a year. Lynx didn't always feel this way. As recently as June, Lynx was warning investors away from Micron, calling the stock "uninvestible" because of the massive swings in its stock price as momentum traders poured into -- and out of -- Micron on little more than hype and enthusiasm for the AI revolution . Make no mistake. Lynx thought "the fundamentals remained strong" at Micron, and valued the stock at $1,300-plus. But with Micron trading north of $1,200 already in June, there just wasn't a lot of room for upside -- and too much room for downside if AI investors panicked. (Which they did, sparking a 45% sell-off in Micron stock through late July.
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