Micron price target raised to $550 from $500 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Micron (MU) to $550 from $500 and keeps a Buy rating on the shares following the earnings report. Micron issued “another very strong outlook,” the analyst tells investors in a research note. The firm says that despite the “stunning” earnings report, the stock sold off due to growing investor fears that we are already nearing the peak of this memory spending cycle. However, with DRAM and NAND bit demand set to grow well above historical levels, Deutsche believes the cycle peak fears are “immature.” It sees a path to more resilient margins for Micron “for years to come.”