Micron price target raised to $135 from $98 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Micron (MU) to $135 from $98 and keeps an Equal Weight rating on the shares. Near term dynamics support an elevated multiple, but while the firm is still expecting continued improvements in 2025 on the back of AI demand strength, it argues that “the big inflections are behind us.” The firm doesn’t think pull forward concerns or May quarter pricing declines “should dent enthusiasm for the story” as Micron remains “an agnostic AI winner” conventional DRAM is still getting better, but the analyst continues to see “more compelling options in semis for those drivers.”