HSBC starts ‘key beneficiary of memory supercycle’ Micron at Buy

As previously reported, HSBC initiated coverage of Micron (MU) with a Buy rating and $330 price target calling the company a “key beneficiary of the memory supercycle.” Micron’s share price is up 172% year-to-date, but recently the share price has been subdued, notes the analyst, who sees this as “a good time to accumulate the stock.” The firm, which thinks the market seems to “severely underestimate” the impact from the commodity DRAM rally and hasn’t factored in upside from eSSD market share gains, believes there is “plenty of room for further growth,” the analyst tells investors.