Chip stocks have been on the march this year, and one technician says the hottest name in the group is showing no signs of cooling off.
Micron (NASDAQ: MU) is the best-performing technology stock this year, up nearly 120 percent, and according to Rich Ross of Evercore ISI, the stock has could rally another 25% from current levels.
Ross told the media on Monday, "There's been no stronger trend than semiconductors and technology, and this is the strongest stock within the group,"
"We think it's going to [$60] here by virtue of that multiyear base breakout ... the trend has not even come close to exhaustion," he added. That's roughly $15 higher than where the stock is trading, and would put the stock at its highest level in 17 years.
Last week, Micron announced the completion of announced a new 32GB NVDIMM-N offering twice the capacity of existing NVDIMMs, providing system designers and original equipment manufacturers with new flexibility to work with larger data sets in fast persistent memory.
The solution is designed to support the increasing performance, energy efficiency and up-time requirements of data analytics and online transaction processing applications. Compared to server configurations using traditional far storage, deploying NVDIMMs can deliver up to 400% performance benefits
The company announced Monday it will hold its first-quarter earnings call on December 19.
Year to date, shares of Micron are up 117%. The shares opened Tuesday at $48.73, up $1.09, or 2.3%, from Monday’s close.