Micron Technology (MU) PT Raised to $135 at KeyBanc, 'Strong Results Reflect Improving Pricing'

KeyBanc analyst John Vinh raised the price target on Micron Technology (NASDAQ: MU) to $135.00 (from $115.00) while maintaining a Overweight rating.

The analyst comments "MU reported F2Q results and provided F3Q guidance, both above expectations, as pricing for both DRAM (+high teens) and NAND (+30%+) increased robustly. Notably, MU cited an improvement in traditional server demand, while AI server strength remained robust. For HBM, MU noted/reaffirmed it: 1) has begun volume production shipments of HBM3E; 2) is sold out of all of its capacity in CY24 and most of CY25; 3) expects several hundred $Ms of HBM revs in FY24; and 4) expects HBM share to reach its DRAM share in CY25. We're encouraged by these results and are raising ests and our PT to $135."

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