Daniel Shvartsman

Micron Technology (NASDAQ) was up 4.75 percent on Wednesday as investors continued to enjoy the strong performance of the company since Monday.

Micron shares closed Wednesday’s trading at $94.65/share, just below the $96.94 52week high. This is less than Microns record $97.50 high in July 2000.

Micron’s managed to beat both revenue (Q1) and earnings per share (EPS) for their fiscal year quarter 1 and their guidance into the next quarter. This led to a series of price targets being raised and a few upgrades from Summit Insights and Bank of America (NYSE.:). Goldman Sachs (NYSE 🙂 wrote that they expect strong DRAM/NAND growth across all major applications, as well as positive supply-side dynamics. A disciplined sector capex, constraints on equipment, and more marginal bit growth due to technology transitions will drive a cyclical recovery by 2022.

Matthew Bryson from Wedbush, an analyst at the firm, pointed out that Guidance was the main headline grabbing topic. He said: “Micron surprised both us and Street with its robust guidance. It suggests Micron and memory markets are closer to a much shallower cyclical peak than some were expecting.

Micron, a valued investor choice in the semiconductor sector, trades frequently in cyclical fashion and is often a top pick. Micron has been able to revise its peak levels due to the uncertainty surrounding memory demand, as well as the supply chain problems and the increased demand.

The general bullishness in semiconductors led to the trading, which saw the iShares Semiconductor eTF (+NASDAQ:), up 1.3%, Nvidia (+NASDAQ:), up 1.3%, Intel + 1.1% and Advanced Micro Devices Inc (+NASDAQ:). Up 3%.