A big earnings beat made Micron Technology (MU) the best-performing stock in the S&P 500 on Wednesday.
Micron surged to the top of the #S&P 500 after posting blow out fiscal fourth quarter results and an upbeat outlook for the current quarter.
Shares of the company gained more than 8.5% on Wednesday to close at just over $39 a share. This made it the day’s best-performing stock. The shares continued to edge higher after the closing bell.
Barclays Blayne Curtis called it “a beat and raise” quarter with healthy trends that will likely continue into next year.
And Credit Suisse’s John Pitzer raised his price target on the stock from $40 a share to $50 a share.