Micron Technology (MU) PT Raised to $70 at JPMorgan After Solid Beat and Raise

JPMorgan analyst Harlan Sur raised the price target on Micron Technology (NASDAQ: MU) to $70.00 (from $65.00) while maintaining a Neutral rating after F4Q20 (August quarter) revenue/EPS guidance was well above consensus on sustained strength from data center customers and favorable pricing trends.

The analyst stated "We maintain our view of continued cloud demand in the back half of the year, which Micron management also pointed to, with consumer-related demand (smartphone/auto) improving as we discussed in our preview. On cloud data center demand specifically, we believe Micron’s visibility into back-half sustainability has improved over the past month. We also expect the game console upgrade cycle (Sony, Microsoft) to represent a tailwind for Micron in 2H20".

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