The Ratings Game: Micron on track for fresh record as investors cheer massive share buyback

Micron Technology Inc. shares soared Tuesday as analysts weighed in on the company’s investor day, and cheered the news that it’s planning a $10 billion share buyback as part of a broader capital returns program.

The stock MU, +6.40% led S&P 500 index SPX, -0.31% gainers surging 6.4% to close at $59.03, after touching an intraday high of $60.50, the first time the stock’s broken above $60 since mid-March. The stock is already up nearly 11% for the week, adding to the rally that started when the company raised guidance for the current quarter on Monday.

Following Micron’s analyst day in New York on Monday, 19 analysts hiked their price targets on the stock, raising the average target price to $77.02, up from a previous $73.79.

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