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Is Micron Stock Still A Good Buy Right Now? Micron Technology, Inc. (MU)

MU stock looks set to move higher, backed by multiple positive triggers for Micron Technology Inc.

Shares of Boise, Idaho-based Micron Technology Inc (NASDAQ:MU) have had a fabulous run over the last twelve months. The stock has now returned an eye-popping 143% over the last one year, and an impressive 42% in the Year To Date (YTD). Understandably, a lot of investors want to know if the stock is still a good bet now. In an attempt to summarize the answer to that question, not many might do better than Jay Somaney, who said in a recent post on Forbes that the question is, "Do we buy Micron here or do we buy it at higher levels?" That's about as crisp as it gets for investors who have a medium term horizon in mind. Here's why.

At least some focus has recently shifted to the weaker spot prices we've seen lately for memory chips. As a matter of fact, Goldman Sachs analyst Mark Delaney recently downgraded his rating on Micron stock from 'Buy' to 'Neutral', assigning the stock with a $30 price target. For better context, shares of Micron were hovering around the $30 mark but were below Delaney's price target at the time. The stock has inched higher gradually and now trades at about $31.2 a share.

Delaney's thesis is that capital...