Micron Technology (MU) PT Raised to $158 at Goldman Sachs, 'we see the stock’s recent pullback, if anything, as an opportunity to add to positions'

Goldman Sachs analyst Toshiya Hari raised the price target on Micron Technology (NASDAQ: MU) to $158.00 (from $138.00) while maintaining a Buy rating.

The analyst comments "While Micron reported strong FY3Q (May) results that comfortably exceeded Street consensus, the stock is down 8% in AH trading as the company’s FY4Q (August) outlook underwhelmed vis-a-vis buyside expectations (per our conversations). Although we acknowledge the YTD outperformance in MU (+67% vs. the SOX/SPX +31%/+15%, respectively) and the implied elevation in market expectations, we see the stock’s recent pullback, if anything, as an opportunity to add to positions as we continue to envision a) growth in AI compute initially in the core data center but ultimately at the edge, b) market share gains for Micron in the lucrative High-Bandwidth Memory market, and c) supply-side discipline on the part of Micron and its peers, driving positive EPS revisions through the end of CY2024 and into CY2025. We reiterate our Buy rating with an updated 12-month price target of $158 (up from $138 prior) representing 21% potential upside from MU's AH price of $131."

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