Is Micron Technology Stock Going to $163? 1 Wall Street Analyst Thinks So.
Micron Technology (NASDAQ: MU) recently reported another quarter of strong demand for its memory products. Baird analyst Tristan Gerra updated his guidance as a result, maintaining an outperform (buy) rating on the shares and changing the firm's price target from $130 to $163. The new price target implies a 77% upside over the current $92.13 share price.There are good reasons to be bullish on Micron. Revenue hit $8.05 billion in the most recent quarter, up 38% year over year, driven by strong demand for high-bandwidth memory in the data center market. Micron has also benefited from higher selling prices for its Dynamic Random Access Memory (DRAM) and NAND flash memory over the last year.Micron is well-positioned to ride the growing demand for advanced memory technology to handle artificial intelligence (AI) workloads. Management expects the business to report record revenue in the fiscal third quarter.Continue reading
Micron Technology (NASDAQ: MU) recently reported another quarter of strong demand for its memory products. Baird analyst Tristan Gerra updated his guidance as a result, maintaining an outperform (buy) rating on the shares and changing the firm's price target from $130 to $163. The new price target implies a 77% upside over the current $92.13 share price.
There are good reasons to be bullish on Micron. Revenue hit $8.05 billion in the most recent quarter, up 38% year over year, driven by strong demand for high-bandwidth memory in the data center market. Micron has also benefited from higher selling prices for its Dynamic Random Access Memory (DRAM) and NAND flash memory over the last year.
Micron is well-positioned to ride the growing demand for advanced memory technology to handle artificial intelligence (AI) workloads. Management expects the business to report record revenue in the fiscal third quarter.
