KeyBanc Raises Micron Price Target to $160

KeyBanc analyst John Vinh raised the price target on Micron Technology (NASDAQ: MU) to $160 (from $135) while maintaining an Overweight rating.

“MU reported strong F3Q results and F4Q guidance, which well exceeded expectations. Results were driven by improved pricing/mix and healthy demand, particularly for DRAM and HBM.

While blended DRAM pricing was down q/q, like-for-like pricing increased.

Looking into F4Q, MU sees continued strength in AI data center, a recovery in auto/industrials, and tightening DRAM supply driving favorable mix and improving GM.

HBM grew nearly 50% q/q, is at a $6B run rate, and is now expected to achieve its DRAM market share (low 20%) in the 2H vs. prior expectations of YE.

We’re encouraged by these results and are raising our estimates and PT to $160.”

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