Boston, MA 10/07/2013 (wallstreetpr) – Shares of Micron Technology, Inc. (NASDAQ:MU) is up 1.44% and is trading at $18.73. The 52-week price range of company’s stock stood at $5.16 to $18.55.
The company has been surging in recent times. This has not been limited to only the company’s performance. Positive industry feedback has also helped the company’s share pop up. The overall chip sales in the month of August were booming.
The overall market of semiconductors went up by 6.4% year-over-year for the month to $25.87 billion. This has been the largest annual growth for the industry since March 2011. Markets in America, Asia Pacific, and Europe were showing a positive growth. However, Japan posted a drop of as much as 16.4% due to the falling value of yen. The increase in sales has come on the heels of strong demand for memory products in recent months. The non-memory products have also shown positive growth, which is affecting the scope of future prospects of semiconductors’ market strength. This has been directly caused by strong demand in the mobile market, which uses chips. Micron, Samsung Electronics, and SK Hynix are the leaders in the industry. The company has been booming for the past 12 months.
Investors have pegged great hopes to the industry, which is expected to turn the commercial enterprise to a trillion dollar industry. Even analysts at Credit Suisse have raised the price target of the company from $20 to $25. The surge of 41.52% from the current trading price speaks volumes about the future prospects of the company. The company has been given an “outperform” rating in the new report. The company has also been sailing on the tide of the tech industry. Such tech companies are not only doing great now, but are poised to post even bigger numbers in a long term performance.
