Micron price target raised to $550 from $360 at Stifel

Stifel raised the firm’s price target on Micron (MU) to $550 from $360 and keeps a Buy rating on the shares. Memory pricing is hitting levels “we did not envision,” says the analyst, who adds that “the real goldmine is not only HBM, but server DDR5.” Given the evidence of the widening, persistent gap between supply and demand, the firm thinks consensus is “wrong and too low,” under-estimating the slope and magnitude of upward revision potential over ensuing quarters, the analyst tells investors.