Micron Technology (MU) stock is soaring 6.82% in pre-market trading on Monday, outpacing its own earlier gains and riding the wave of a broader rally in U.S. chipmaker shares. The surge comes as semiconductor stocks experience a notable uptick, with several industry peers also posting significant gains.

The pre-market rally extends beyond Micron, with other major players in the semiconductor industry showing positive momentum. This sector-wide movement suggests a favorable market sentiment towards semiconductor companies, potentially driven by factors such as increased demand or positive industry developments.

Adding to the optimism surrounding Micron Technology, top Mizuho analyst Vijay Rakesh has maintained an Outperform rating on the stock with a price target of $265. Rakesh's bullish stance, following recent discussions with the company, indicates a positive outlook for Micron's future performance. This analyst endorsement likely contributes to investor confidence and appears to be a key factor in the stock's pre-market surge.