Micron Technology (MU) shares are soaring 5.06% in pre-market trading on Monday, as the semiconductor company receives a vote of confidence from Wall Street and benefits from a broader tech sector rally.

Morgan Stanley, a leading financial institution, has reiterated its overweight rating on Micron and raised its price target to $338 from $325. This bullish stance from Morgan Stanley reflects growing optimism about Micron's future prospects and potential for growth in the semiconductor industry. The increased price target suggests that analysts see significant upside potential for Micron's stock.

The positive momentum for Micron is further bolstered by a general uptick in big tech stocks during pre-market trading. Reports indicate that several tech giants, including Micron, are seeing gains, with Micron up 3% alongside other notable names in the sector. This broader tech rally is likely contributing to investor enthusiasm for Micron's stock, as the company benefits from positive sentiment in the overall technology market.