Raymond James Raises Micron Price Target to $310

Raymond James analyst Melissa Fairbanks raised the price target on Micron Technology (NASDAQ: MU) to $310 (from $190) while maintaining an Outperform rating.

“We reiterate our Outperform rating on Micron and raise our price target to $310 following strong November quarter results, and materially better than anticipated guidance.

Micron continues to benefit from highly favorable industry conditions, driven by unprecedented AI-related demand, particularly for higher-value memory products, coupled with persistently tight global supply conditions.

Importantly, management expects industry bit supply to continue to lag demand, supporting continued pricing and margin strength.

While technology and capacity investments will remain high priorities, we believe Micron is committed to a disciplined, growth-oriented capital allocation strategy.

The company continues to strengthen its balance sheet (retiring $2.7B in debt in F1Q) and return capital to shareholders (repurchasing $300M of stock in F1Q), with the potential to grow its dividend over time.

Admittedly, it’s becoming more difficult to accurately model revenue given exceptionally strong demand and tight supply dynamics, but we remain confident in the growth, pricing, and returns profile in the near term.”

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