Rosenblatt Analyst Hans Mosesmann echoed this. Micron Technology Co., Ltd. (NASDAQ:MU) is a Buy with a price target of $140.
The analyst expects Micron to outperform demand in the AI-driven segment amid the industry's disciplined memory supply regime, leading to a bottoming out for the overall market on Wednesday, March 20 (with a recovery in the second half of calendar year 2024). .
This setup will be featured in an upcoming article this week as the industry enters its most important memory cycle. Nvidia's (NASDAQ:NVDA) at the GPU Technology Conference (GTC), he said given that AI computing platforms cannot scale without DRAM content and high-performance HBM.
Also read: Samsung takes steps to modernize chip manufacturing to align with Nvidia's AI requirements: Report (Updated)
He notes that one of the most important Micron-specific themes to note is the company's design momentum in HBM3E with performance and efficiency specifications that are unmatched by competitors, which led to double-digit market share. Did.
Interestingly, Mosesmann noted that the company's HBM3E is getting a dedicated “socket” for this round of new accelerator products.
Micron is still listed by analysts as a cyclical leader in the current memory cycle, which he notes will be the largest in history, consistent with his long-term view of the Mother of All Cycles (MOAC). did.
cantor fitzgerald Analyst CJ Muse maintains an overweight rating on Micron and raised his price target from $100 to $120.
barclays Analyst Tom O'Malley maintains an overweight rating on Micron and raises his price target to $120 from $95.
The stock price rose 65% last year. Analysts can gain exposure to stocks in the following ways: REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI) and Invesco Semiconductors ETF (NYSE:PSI).
Price action: MU stock traded 2.32% higher at $93.55 at last check on Monday.
Also read: Micron analysts predict strong revenue from AI and DRAM
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