With the main market starting the week on a bullish note, Micron Technology (MU) followed, settling +3.0% at $33.44. The daily close >33, offers a fast run to the $36s, although this is complicated by the fact the main market is due a 5% retrace into early October. In any case, the mid term trend is super strong.
Suffice to add, today's close >$33 is a very bullish sign. Even if the main market cools by around 5% into October, MU should be able to hold above the $30 threshold, where the 50dma is lurking.
I'm not the only one who is bullish MU...
FBN securities 'outperform' target of $45 is interestingly in sync with my own hyper bullish target of 45/50 in 2018. That assumes the broader market does not see any bearish monthly closes for Sept or October.
Despite having already climbed from the $16s in Oct'2016, the current forward PE is a mere 5. On any fair basis, its not a stretch to seeing the stock at least climb to 45/50 in 2018. Bullish.