Wells Fargo analyst Aaron Rakers maintained a Buy rating on Micron (MU – Research Report) yesterday and set a price target of $140.00.
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Aaron Rakers has given his Buy rating due to a combination of factors indicating potential growth for Micron. Despite the company guiding its gross margin percentage down for the upcoming quarter due to a higher mix of consumer products and lower pricing, Micron still anticipates an increase in bit shipments and revenue growth. This suggests resilience in their operational strategy, even amid weak NAND industry conditions.
Furthermore, Micron sees improvement in the second half of the year as industry conditions are expected to enhance margins. The company is also making significant progress in the High Bandwidth Memory (HBM) sector, with plans to ramp up 12H stack production, which could contribute positively to their financial performance. These elements, combined with stable DRAM datacenter demand, underpin the optimistic outlook that led to Rakers’s Buy rating for Micron’s stock.
In another report released yesterday, Citi also reiterated a Buy rating on the stock with a $150.00 price target.
Based on the recent corporate insider activity of 102 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MU in relation to earlier this year.