Micron price target raised to $510 from $475 at UBS

UBS raised the firm’s price target on Micron (MU) to $510 from $475 and keeps a Buy rating on the shares. Micron delivered another strong beat and raise, guiding gross margins above 80%, though shares softened as investors debate whether peak momentum is nearing and whether long-term customer agreements could temper near-term margins, the analyst says in a research note. However, newly signed five-year agreements signal durable structural change, supporting higher through-cycle margins and ROE, with estimates pointing to $160 TBV per share and $90B in cash within a year, UBS says.