NEW YORK (TheStreet) -- Micron Technology (MU) continues to add to 2013 gains, proving it's one of the top performing semiconductor stocks. By midday, Micron had gained 3.5% to $23.09, as 27.7 million shares had changed hands. The company was the most actively-traded stock on the Nasdaq, exceeding Facebook (FB) and Plug Power (PLUG) by more than 10 million in volume.
The stock surged towards the end of November after Greenlight Capital hedge fund manager David Einhorn revealed he was long.
"You look at the multiples and what their earnings power here can be, we think [Micron's] earnings are going to be a lot better than people think. Next year, maybe $3.50 a share, the following year maybe $4 a share," Einhorn told CNBC in an interview last month.
Year to date, shares of the Boise, Idaho-based Micron surged 264.7%, topping the Merril Lynch Semiconductors Holders (SMH) ETF, which is up 38.48% since January.
TheStreet Ratings team rates Micron Technology Inc as a Buy with a ratings score of B. The team has this to say about their recommendation:
"We rate Micron Technology Inc (MU) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and attractive valuation levels. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."