Wedbush raised the price target on Micron Technology (MU) to $130 from $103 while noting a “favorable industry outlook” and maintaining its outperform rating.
Micron aims to book its first High Bandwidth Memory revenue in fiscal Q2 2025 and is “on track to ship production bits this quarter” while still “forecasting booking hundreds of millions in revenue this year,” analyst Matt Bryson added.
The company expects industry supply-demand to “remain favorable for memory makers” and is expected to benefit from “a sustained industry uptick,” Wedbush said.
While HBM remains a “primary point of investor interest,” Micron is also succeeding in other high margin areas including an expansion in data center Solid State Drives, the analyst said.
Micron Technology has an average rating of outperform and price targets ranging from $80 to $225, according to analysts polled by Capital IQ.