Micron stock jumps into a holiday-shortened week after $1.8 billion Taiwan fab move
Micron shares jumped 7.8% to $362.75 Friday after the company agreed to buy PSMC’s Tongluo site in Taiwan for $1.8 billion in cash. RBC initiated coverage with an Outperform rating and a $425 price target, citing tight memory supply. Director Teyin M. Liu bought 23,200 shares earlier in the week, according to a regulatory filing.