Micron stock surges as banking giant names it one of the best stocks

Micron (NASDAQ: MU) stock surged around 8% to trade at $937 on Tuesday, July 21, as renewed bullish commentary from Wall Street analysts revived investor confidence in the memory chip sector. Most notably, Bank of America (BofA) added Micron to the firm’s “U.S. 1 List,” which features what the bank sees as the best investment ideas. Analyst Vivek Arya also raised his Micron price target to $1,550, implying 83% upside in the next 12 months, a figure he finds justified as the chipmaker has beat earnings per share (EPS) estimates by 24% for the eighth straight quarter. Arya also stated…