Shares of Micron (MU) are flying higher Wednesday, up 4.6% to $46 so far in early trading. Micron stock is adding to its weekly gains, now up 9%.
Helping fuel the recent run is the company's earnings. Sales surged more than 70% year-over-year as Micron beat on earnings per share and revenue expectations. Guidance came in ahead of expectations as well.
Investors will be looking for Micron to ultimately retest its 52-week highs near $50 after the report. Of course, analysts are jumping all over the stock as well. With a tight DRAM market, worries easing over NAND pricing and an extremely low valuation, why not be optimistic?
The most glowing report comes from Rosenblatt analyst, who bumped their price target to $85 from $75. The price target implies about 93% upside from Tuesday's close. They're not the only bulls, though.
Analysts at JPMorgan and Deutsche Bank both bumped their price target to $60 from $55. Barclays and Credit Suisse are also using fresh $60 price targets as well. While far below Rosenblatt's $85 target, $60 still represents more than 36% upside.
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With four analysts calling for $60, that level appears to be the consensus. There were a few others below that level, too. Wells Fargo analysts bumped their target to $54 from $45, Citigroup went to $55 from $51 and Loop Capital went to $56 from $48.
I realize that's a lot of price targets to take in. But the consensus is pretty clear: Micron shares are going higher. At least in the minds of analysts. Of those listed above, the lowest price target is $54. From Wednesday's open near $46, that implies about 17% upside.
Given the more than 100% rally so far in 2017, a further 17% rally (and possibly more) would surely delight Micron investors.
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