Micron Technology (MU) PT Raised to $165 at Stifel

Stifel analyst Brian Chin raised the price target on Micron Technology (NASDAQ: MU) to $165.00 (from $140.00) while maintaining a Buy rating.

The analyst comments "Micron reports F3Q(May) earnings on June 26, and despite supply disruption from the April earthquake in Taiwan, we are increasing our estimates toward the upper-end of the guidance range on better memory pricing. We also raise our F4Q(Aug) estimates as we expect favorable pricing to persist, particularly in NAND where checks point to continued pickup in hyperscaler SSD demand and further tightening of NAND supply. On higher utilization/demand we expect better NAND bit shipment growth, and another quarter of double-digit ASP strength. AI demand for HBM remains the main catalyst, drawing wafer capacity away from DRAM, and now NAND. We expect consumer DRAM to be constrained, yet resulting in pricing power, allowing Micron to optimize mix and focus on ramping HBM3E. We still view Micron as AI GARP, and raise our PT to $165, or ~16x our CY25 EPS, on par with the cheapest large caps in Stifel’s AI Index."

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