Micron Technology Inc. (NASDAQ:MU) stock fell in Friday premarket trading, extending a sharp selloff that began Thursday when the stock tumbled 7.7% to close at $996.00, down $83.57 for the session.
The weakness comes amid a broader retreat in semiconductor stocks despite Micron’s strong artificial intelligence-driven growth outlook.
The decline followed a negative market reaction to results from Broadcom Inc. (NASDAQ:AVGO), which reported strong quarterly performance but maintained its long-term AI semiconductor revenue forecast rather than raising it. The muted outlook triggered profit-taking across AI-related chip stocks.
Micron has been one of the strongest performers in the semiconductor sector, leaving the stock vulnerable to profit-taking during periods of market uncertainty. Despite Friday’s decline, shares remain up 837.06% over the past year.
The stock continues to trade near the upper end of its 52-week range. As a result, even modest weakness in broader markets can trigger sharper selling as traders lock in gains.
Technical Trend Remains Bullish
Micron remains in a strong long-term uptrend. The stock is trading 14.6% above its 20-day simple moving average and 169.1% above its 200-day simple moving average.
The broader technical setup remains constructive, with the 20-day moving average above the 50-day moving average and the 50-day moving average above the 200-day moving average following a golden cross formation in June 2025.
Momentum indicators also remain favorable. The moving average convergence divergence, or MACD, remains above its signal line, suggesting underlying momentum continues to support the stock despite recent volatility.
Shares remain below their 52-week high of $1,089.29, leaving that level as a key area of resistance if buying interest returns.
Earnings And Analyst Outlook
The next major catalyst for Micron is its scheduled earnings report on June 24.
Wall Street expects earnings of $19.30 per share, up from $1.91 a year earlier, on revenue of $33.88 billion, compared with $9.30 billion in the prior-year period.
Despite the recent selloff, Micron continues to attract analyst support. Earlier this week, Raymond James more than doubled its price forecast on the stock to $1,100 and reiterated its Outperform rating ahead of the company’s earnings report. The firm said investor interest remains strong as artificial intelligence demand continues to reshape the memory market and support industry pricing.
The stock carries a consensus Buy rating. Recent analyst actions include upgrades and price forecast increases from Morgan Stanley, Raymond James, and Susquehanna.
- Morgan Stanley: Overweight (Raises forecast to $1050.00) (June 3)
- Raymond James: Outperform (Raises forecast to $1100.00) (June 1)
- Susquehanna: Positive (Raises forecast to $1750.00) (May 29)
MU Price Action: Micron Technology shares were down 3.97% at $956.45 during premarket trading on Friday, according to Benzinga Pro data.
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