Micron’s Stock Soars As Analysts Forecast Strong AI And DRAM-Driven Earnings – Markets Insider

1 minute, 16 seconds Read


Micron Technology, Inc (NASDAQ:MU) shares are trading higher after Citigroup and TD Cowen analysts raised their price targets on the stock.

Citigroup analyst Christopher Danely reiterated Micron Technology with a Buy and raised the price target from $95 to $150.

Micron is scheduled to report its second-quarter fiscal 2024 results on March 20. 

Also Read: Samsung Takes Steps To Revamp Chip Manufacturing To Align With Nvidia’s AI Requirements: Report (UPDATED)

The analyst expects the company to post an upside to Consensus and increased guidance for the third quarter, given strong DRAM pricing and shipments of higher-priced, higher-margin, High Bandwidth Memory (HBM), which is shipping with Nvidia Corp (NASDAQ:NVDA) AI systems. 

Danely raised his fiscal 2025 EPS estimate on Micron from $6.38 to $6.65 and boosted his price target from $95 to $150, or 15X his 2026 EPS estimate of $10.03. This is a 50% premium to Micron’s historic range.

Still, he noted Micron stock should get a premium given increasing AI exposure, and other AI-exposed stocks such as Broadcom Inc (NASDAQ:AVGO) and Advanced Micro Devices, Inc (NASDAQ:AMD) have seen a 100% increase in their multiples. Micron remains his top pick and Buy-rated.

TD Cowen analyst Krish Sankar maintained Micron Technology with an Outperform and raised the price target from $100 to $120.

Investors can gain exposure to Micron via REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI) and Invesco Semiconductors ETF (NYSE:PSI).

Also Read: Micron Tech Poised for Strong Earnings Amid Surge in Chip Pricing: Analyst

Price Action: MU shares traded higher by 2.32% at $93.55 on the last check Friday.

Photo via Shutterstock

This post was originally published on this site

Similar Posts