Movement Alert｜Micron Technology Rises 3.09% Overnight, Bank of America Reaffirms Buy Rating Calling Semiconductor Pullback a Healthy Correction

Market Focus

7 hours ago

On July 9, Micron Technology rose 3.09% overnight, trading at $975.5/share, with turnover of $101 million.

On the news front, Bank of America Securities released its latest report characterizing the semiconductor sector's recent pullback as a \"healthy correction\" rather than a structural reversal, reaffirming its \"Buy\" rating on Micron Technology with a target price of $1,550. The report noted that memory chips currently trade at only 10x earnings, which it views as significantly undervalued. Bank of America projects global cloud and AI infrastructure capital expenditure will approach $1.5 trillion by 2027, representing a 40-50% increase from current levels, underpinning sustained demand for memory products.

Previously, Micron and SanDisk had each declined over 20% from recent highs, technically entering bear market territory, driven by concerns over supply-demand imbalance following Samsung's Q2 profit surge and heavy insider selling. After two consecutive sessions of sharp declines, bargain-hunting flows emerged alongside the institutional bullish signal, supporting a stabilization rebound in the storage sector.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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