Stifel Upgrades Micron Technology (MU) to Buy, 'It's Time'

Stifel analyst Brian Chin upgraded Micron Technology (NASDAQ: MU) from Hold to Buy with a price target of $120.00 (from $80.00).

The analyst comments "We are upgrading Micron to a Buy rating and raising our price target to $120. Back in September, we advocated for a positive trading opportunity when memory prices showed initial signs of inflecting, an inflection deeply rooted in supply retrenchment. Broader electronics demand has yet to strengthen to the degree we hoped, however our checks confirm DRAM supply is tightening and on a trajectory to recover into the 90s by mid-year. Thus we see the leverage returning for Micron (est. DRAM 80%+ of profits, historically), and believe consensus estimates for CY25 are well wrong and too low. Moving through the sweet spot of what should be a more multiple-friendly, early expansion period (and now connecting more directly with AI/HBM), our $120 PT represents a low-teens forward P/E, against our new CY25 EPS estimate of $10 (consensus <$7)."

For an analyst ratings summary and ratings history on Micron Technology click here. For more ratings news on Micron Technology click here.

Shares of Micron Technology closed at $94.47 yesterday.

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