Stifel Raises Micron Price Target to $360
Stifel analyst Brian Chin raised the price target on Micron Technology (NASDAQ: MU) to $360.00 (from $300.00) while maintaining a Buy rating.
“Opportunity for breathing room on its supply roadmap.
Growth of AI cloud infrastructure has absorbed DRAM output leading to the current shortage.
To redirect more bit supply to cloud/enterprise customers, Micron has de-emphasized bit shipments to China and more recently to retail consumer (Crucial).
In the interim, Micron is dependent on node transitions (to 1-gamma) and optimization of its bit supply to drive revenue/margin expansion.
However, the acquisition of PSMC fab/site in Taiwan provides a structural outlet for more sustained supply growth from ~18months, onward.”
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