Shares of Micron Technology (NASDAQ: MU) are down today after Beijing’s national cyberspace regulator launched an investigation into the firm’s products sold in China as part of a cybersecurity review of the nation’s supply chain. The regulators are looking for information infrastructure issues and hidden security risks that could negatively impact the country.
The United States and China have both increased their rhetoric on matters such as national security recently. Indeed, the U.S. previously imposed export controls on chip technology sold to China, citing concerns that such products could be used by China’s military.
Overall, Wall Street doesn’t appear to be too concerned with the drama between the two countries. In fact, analysts have a consensus price target of $68.61 on MU stock, implying 11.94% upside potential, as indicated by the graphic above.
