Micron Technology (MU) PT Raised to $130 at Needham & Company

Needham & Company analyst Rajvindra Gill raised the price target on Micron Technology (NASDAQ: MU) to $130.00 (from $115.00) while maintaining a Buy rating.

The analyst commented, "Micron reported results at the high end of its earlier pre-announced range, and guided well above consensus and our estimates (including a +860bps non-GAAP gross margin expansion Q/Q). NAND is stabilizing while DRAM is in a favorable environment thanks to the tight supply for the latter. Demand is strong across all end markets, even automotive where component shortages are the largest. Inventories are extremely lean, but the company is cautious about CAPEX, targeting to match LT industry demand with supply. Next-gen 1-a DRAM and 176L NAND are now both in volume production, which coupled with tight supply for DRAM, should drive margin expansion. It should be noted that Micron has previously announced that it will stop exploring 3DXPoint and sell the Lehi, UT fab during CY21. Maintaining Buy and raising PT to $130 on a higher EPS estimate."

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