2 Reasons Micron Technology Stock Could Continue Soaring

Micron Technology (NASDAQ: MU) recently reported another blowout quarter, sporting terrific growth in both revenue and earnings. The memory specialist almost doubled its revenue year over year and posted a big profit as compared to a loss last year, driven by higher average selling prices and volumes.

Micron's guidance proved to be the icing on the cake. Its forecast for $2.16 per share in earnings on revenue of $6.3 billion in the current quarter was way ahead of Wall's Street's earnings per share expectations of $1.85 on $6.06 billion in revenue. By comparison, the chipmaker had earned just $0.32 per share in the year-ago quarter on revenue of $3.97 billion.

Not surprisingly, investors cheered Micron's results and the stock price hit fresh 52-week highs. But is Micron stock still a good bet after rising roughly 90% so far in 2017? Let's take a look.

Source: Fool.com