Micron (MU) Stock Dips Friday - But the Real Test Comes Next Week
TLDR
- Micron stock fell about 1% in Friday premarket after a 3.2% jump Thursday, but is still up 17% for the week.
- SK Hynix ADRs also slipped around 2% Friday after gains the previous session.
- Alphabet’s earnings signaled continued data center spending growth, boosting memory chipmaker sentiment.
- Microsoft reports July 29 and Amazon July 30 — Wall Street expects more big spending that could lift Micron.
- Analyst consensus is Buy, with an average price target of $1,548.86 and Cantor Fitzgerald targeting $2,000.
Micron (MU) stock slipped roughly 1.89% in Friday premarket trading to around $971.53, pulling back after a strong week that saw the stock climb 17%. The drop came as traders locked in gains across the memory chip space.
The pullback follows a 3.2% gain on Thursday. Despite Friday’s dip, Micron has staged a meaningful recovery after a rough stretch that saw the stock fall around 5.5% over the prior month.
SK Hynix ADRs also moved lower Friday, dropping about 2% after gaining 2.5% the session before. Peers SanDisk and Western Digital were also in the red in premarket action.
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