Micron Technology (MU) Jumps to All-Time High on Bullish Rating, Power Line for $100-Billion Facility

We recently published Market Downturn? Not for these 10 Stocks; 7 Jump to Record Highs. Micron Technology Inc. (NASDAQ:MU) is one of the best performers on Thursday.

Micron Technology soared to a new all-time high on Thursday following bullish analyst ratings and news that it officially secured the green light of the state of New York for a power line that would connect to its planned $100 billion semiconductor plant.

During the trading session, Micron Technology Inc. (NASDAQ:MU) surged to its highest 52-week price of $206.34 before trimming gains to close the day just up by 5.52 percent at $202.53 apiece.

Micron Technology (MU) Jumps to All-Time High on Bullish Rating, Power Line for $100-Billion Facility

The intra-day rally was primarily boosted by UBS and Citigroup’s bullish coverage for the stock, giving it a “buy” recommendation with higher price targets of $245 and $240, respectively.

According to the analysts, Micron Technology Inc. (NASDAQ:MU) is expected to benefit from the worsening shortage of data storage, with demand from hyperscalers now doubling year-on-year.

After market hours, Micron Technology Inc. (NASDAQ:MU) secured the approval of the New York State Public Service Commission for the development of a new transmission line that would support power supply to its semiconductor megafab facility in Onondaga County.

Over the next 20 years, the facility is expected to generate 50,000 jobs, including 9,000 direct positions.

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Disclosure: None. This article is originally published at Insider Monkey.