Analyst Quinn Bolton of Needham maintained a Buy rating on Micron (MU – Research Report), with a price target of $120.00.
Quinn Bolton’s rating is based on several positive developments within Micron’s business. The company has demonstrated strong performance, particularly in its High Bandwidth Memory (HBM) segment, which saw over 50% growth quarter-over-quarter, contributing significantly to its revenue. This growth is supported by increased demand and higher average selling prices, with expectations for the HBM market to expand further by 2025.
Additionally, improvements in demand and inventory levels across various sectors such as servers, SSDs, mobile, and PCs have been noted. Despite some challenges, such as unfavorable NAND market conditions and start-up costs associated with new production facilities, the overall outlook remains optimistic. The price target remains at $120, reflecting confidence in Micron’s ability to navigate these challenges and capitalize on growth opportunities.
Bolton covers the Technology sector, focusing on stocks such as ON Semiconductor, Silicon Laboratories, and Microchip. According to TipRanks, Bolton has an average return of 13.4% and a 47.18% success rate on recommended stocks.
In another report released today, Barclays also maintained a Buy rating on the stock with a $115.00 price target.
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