Micron Technology, Inc. (Nasdaq: MU) is rising this morning, after no less than four analysts chimed in with bull notes, including Citigroup. The analyst not only hiked its price target up to $100 from $35, it came in with a double upgrade, lifting MU to a "buy" from a "sell." Citigroup said it expects recovera y in demand and pricing for Micron's DRAM chips. At last check, MU is up 4.7% to trade at $77.49. 

This bullish sentiment comes just days ahead of Micron's fiscal first-quarter earnings report, due out after the close on Thursday, Jan. 7. From a historical perspective, MU tends to do well following these reports. In fact, the security was higher the session following five of its past eight reports, and averaged a next-day return of 7.8%, regardless of direction. This time around, the options pits are pricing in a slightly larger swing of 10.6%. 

The equity has enjoyed a solid run up the charts ahead of the event, now trading just south of yesterday's 21-year highs. The $75 mark has kept a lid on this rally for the majority of December, though ascending support at the 30-day moving average eventually helped guide the security higher, and now, MU looks ready to push past this resistance for its highest close since 2000. 

Citigroup lifted its price target to "buy" from "sell"

A look back on analyst sentiment shows 14 "buy" or better ratings on the table, compared to five "hold" or worse ratings coming into today. Meanwhile, the 12-month consensus price target of $81.05 stood at a 9.5% premium to last night's close. 

Options players have been incredibly bullish, too. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and Nasdaq OMX PHLX (PHLX), MU sports a 50-day call/put volume ratio of 4.14, which stands higher than all other annual readings, this means these traders haven't been more bullish during the past 12 months.