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Analysts revise Micron stock price target ahead of earnings

Analysts revise Micron stock price target ahead of earnings
Elmaz Sabovic

Micron Technologies (NASDAQ: MU) stock has been one of the silent winners in the 2024 market so far, with gains of 82% (+$67.85) since January 1, thanks to great market growth and an even better outlook.

MU stock has been on a roll recently, after closing the previous trading day at $147.83 following 4.58% growth and a 9.29% increase in the past five trading days.

MU stock YTD price chart. Source: Finbold
MU stock YTD price chart. Source: Finbold

Impressive growth and future outlook

In the fiscal second quarter, three of Micron Technology Inc.’s four segments experienced 50% year-over-year growth. Overall, the company saw a 58% increase in revenue compared to the previous year. Looking ahead to fiscal Q3, Micron expects revenue growth to accelerate to 76%. 

Analysts anticipate that Micron will continue its rapid growth due to increasing demand for its chips, which power Cloud and AI servers. Notably, Micron’s HBM3E, one of its most renowned artificial intelligence (AI) chips, is already sold out for 2024 and most of 2025.

AI integration into smartphones bodes well for MU stock

Micron Technology stands to benefit significantly as artificial intelligence capabilities expand to on-device applications in phones and PCs. Bank of America analysts highlighted the importance of the emerging “Edge AI” market, emphasizing the increasing role of compute and memory chips in this sector.

The analysts noted that while there are currently no must-have AI apps for phones and PCs, consumer hardware companies are leveraging growing interest and an expanding software ecosystem to accelerate upgrade cycles.

This trend is similar to the 4G/5G rollouts, where advanced hardware paved the way for popular applications like Instagram and Uber (NYSE: UBER).

Analysts explained that on-device AI offers several advantages, including faster performance, personalization, privacy, and the ability to shift AI inferencing costs and energy demands to the device itself.

Analysts are excited about the future prospects of MU stock

All the praise and reasoning that came from BofA, was followed by the subsequent MU stock price target hike to $170 while the “buy” rating remained unchanged.

UBS recently reaffirmed its “buy” rating on Micron Technology and raised its price target from $125 to $155. The adjustment is based on industry checks indicating rising prices in the DRAM and NAND memory markets. UBS also noted that Micron’s stock valuation could become particularly attractive once its gross margin peaks in the fourth quarter of 2025.

Stifel has also raised Micron’s price target to $165 from $145. Despite supply disruptions from the April earthquake in Taiwan, Stifel is increasing its Q3 estimates to the upper end of the guidance range due to better memory pricing. The firm is also raising its Q4 estimates, expecting favorable pricing to persist, particularly in NAND, with continued demand for hyperscaler SSDs and further tightening supply. 

Additionally, Stifel anticipates that consumer DRAM will remain constrained, enhancing pricing power and allowing Micron to optimize its product mix and focus on ramping up HBM3E production.

Cantor Fitzgerald analyst C.J. Muse has a straightforward message for clients: 

“Don’t overthink it.” 

In a weekend note, Muse raised his price target on Micron’s stock from $150 to $180, citing the company’s continued benefits from the artificial intelligence boom, which has driven demand for high-bandwidth memory products. This new target suggests approximately 27% upside from current levels.

Although the price targets range from $165 to $185, the sentiment about MU stock is unanimous. Experts agree that the semiconductor manufacturer’s future holds good things.

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