Micron price target raised to $510 from $430 at Citi

Citi analyst Atif Malik raised the firm’s price target on Micron (MU) to $510 from $430 and keeps a Buy rating on the shares. The company reported “blowout earnings” but the shares are moving lower on higher capex in fiscal 2027 and peak gross margins concerns, the analyst tells investors in a research note. Citi thinks the stock could sustain gains but sees risk of money rotating into semiconductor capital equipment in the near-term on higher capital expenditures.