Micron Technology (MU) PT Raised to $1,550 at Needham

Needham analyst N. Quinn Bolton raised the price target on Micron Technology (NASDAQ: MU) to $1,550.00 (from $500.00) while maintaining a Buy rating.

The analyst commented: "Ahead of Micron's earnings report on 6/24, we are meaningfully raising our estimates and increasing our 12-month PT to $1,550. We believe the memory market has continued to strengthen over the past 90 days and see market fundamentals remaining stronger for longer as a result of continued strong demand, a robust pricing environment, and limited capacity additions. Adding to these favorable conditions, we believe the long term agreements being signed in the industry are providing suppliers, including Micron, with better demand visibility that extends over multiple years. Reflecting this multi-year visibility, together with the strategic importance of memory in AI, we believe investors should be comfortable paying a higher valuation multiple for memory stocks. Our new $1,550 price target is based on 10x our FY28 NG EPS estimate of $155.00."

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