Citi analyst Christopher Danely reiterated a Buy rating on Micron (MU – Research Report) today and set a price target of $150.00.
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Christopher Danely has given his Buy rating due to a combination of factors impacting Micron’s future prospects. Despite the company’s revised guidance indicating a drop in gross margins for the May quarter, primarily due to challenges in the consumer DRAM sector and NAND pricing, Danely remains optimistic about the company’s potential.
A key factor contributing to this optimism is the promising opportunity presented by AI-driven High Bandwidth Memory (HBM), which is expected to significantly boost margins. Additionally, Danely anticipates a recovery in the DRAM market in the coming months. Even though sales and earnings estimates have been adjusted downward, the long-term outlook for Micron remains strong, justifying the maintenance of a Buy rating with a price target of $150.
According to TipRanks, Danely is a 4-star analyst with an average return of 7.3% and a 55.84% success rate. Danely covers the Technology sector, focusing on stocks such as Intel, Advanced Micro Devices, and Micron.
In another report released on January 30, Bernstein also maintained a Buy rating on the stock with a $120.00 price target.