J.P. Morgan analyst Harlan Sur reiterated a Buy rating on Micron yesterday and set a price target of $185.00.
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Harlan Sur has given his Buy rating due to a combination of factors influencing Micron’s performance. The company has demonstrated strong pricing momentum, particularly in the DRAM segment, which has positively impacted revenue, gross margin, and earnings per share. This trend is expected to continue, driven by robust demand across various markets, including AI/datacenter, smartphones, and PCs. Additionally, Micron’s execution on its HBM3E ramp and the return to positive NAND pricing contribute to a favorable outlook.
Furthermore, Micron is well-positioned to benefit from secular trends in data center DRAM and increased hyperscaler capital expenditures. The company’s strategic focus on product and market diversification is expected to reduce revenue volatility and enhance its competitiveness in markets requiring diverse memory types. With these factors in mind, Harlan Sur reiterates a price target of $185, supported by anticipated earnings growth and a favorable market environment.
In another report released today, Barclays also maintained a Buy rating on the stock with a $175.00 price target.
MU’s price has also changed dramatically for the past six months – from $101.720 to $168.890, which is a 66.03% increase.