Morgan Stanley Raises Micron Price Target to $520

Morgan Stanley analyst Joseph Moore raised the price target on Micron Technology (NASDAQ: MU) to $520.00 (from $450.00) while maintaining an Overweight rating.

“Guidance of $19.15 EPS (vs. consensus $12) was more bullish than most of what we heard from investors Stock reaction after hours is a little surprising, but given the setup – crowded long but low conviction on durability – not totally surprising If you’re bearish, you’re likely focused on spot prices flattening, capex coming up, second derivative slowing (perhaps irrational after 90% increases in calendar 1q), But historical playbooks overlook the impact of outsized AI spending; expect earnings power at least at these levels as long as AI investment is at maximal levels We think $80 EPS is sustainable through CY27, which at 5x peak earnings should drive upside; PT up from $450 to $520.”

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