Stifel analyst Brian Chin upgraded Micron stock to Buy from Hold and increased his price target to $120 from $80. The new target price implies more than 20% upside.
Shares have gained 77% over the last 12 months.
Chin wrote in a research note that he deviates most from analysts’ consensus on upcoming financial results, “when we anticipate very strong ASP [average selling price] leverage to return, based upon tight DRAM supply, increased content growth, and incremental AI demand.”
DRAM stands for dynamic random-access memory, and is used in personal computers.
“Generative AI needs HBM [high bandwidth memory], and Micron now has a seat at the table,” he said.
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Wall Street's Top 10 Stock Calls This Week - Saturday, March 9
$Micron Technology(MU)$
#4
Earnings date: 03/20/2024 (est)
Ex Div date: 10/06/2023
Div Amount: 0.115
Wells Fargo raised the firm’s price target on Micron to $125 from $95 and keeps an Overweight rating on the shares. Wells expects Micron’s Q2 results and Q3 guidance to reflect a positive inflection, materializing up-cycle, HBM3e mid/2H24 ramp, and process node execution, the analyst tells investors in a research note.