Investing.com – To say Nomura Instinet is high on Micron may be a bit of an understatement.
The Wall Street firm has doubled its 12-month, stock-price target for the chipmaker from $55 to $100 a share.
Nomura Instinet says Micron is in the “early stages of another major breakout”, which will be driven by a 10% increase in memory chip prices.
Micron stock has already doubled in the past year.
Nomura Instinet also expects the chipmaker to reward shareholders with its first ever dividend and a share buyback plan.
Two other Wall Street firms raised their stock price targets but not as dramatically.
Evermore ISI increased its target from $60 to $80, while Mizuho’s went from $55 to $66 a share.
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