KeyBanc Raises Micron Price Target to $600

KeyBanc analyst John Vinh raised the price target on Micron Technology (NASDAQ: MU) to $600.00 (from $450.00) while maintaining an Overweight rating.

“MU reported strong F2Q (Feb) results and F3Q (May) guidance, which meaningfully exceeded.

Upside was driven by strong DC demand as Cloud (CMBU) and Core DC (CDBU) grew +163% y/y and +211% y/y, respectively. In conjunction with tight supply, DRAM/NAND pricing grew mid-60% q/q/high-70% q/q.

Notably, MU indicated it signed its first multi-year SCA, but provided few details, and indicated it is in discussions with others.

MU also indicated it’s in volume production shipments of HBM4 for NVDA’s Vera Rubin, but did not update share expectations. As such, we’re raising ests and our PT. Reit OW.”

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