Bank of America Analyst Raises Micron Technology Price Target by 18%

Bank of America's Vivek Arya raised their price target on Micron Technology (NASDAQ: MU) by 18.1% from $144 to $170 on June 17, 2024. The analyst maintained their Strong Buy rating on the stock. Arya predicts that Micron Technology will benefit significantly from the increasing need for high-bandwidth memory in the cloud, as well as the DRAM needs of AI PCs and smartphones, which are expected to grow by 12% to 15% annually.

This update comes alongside other analyst ratings for Micron Technology on June 17, 2024. Mehdi Hosseini from Susquehanna raised their price target by 29.4%, from $143 to $185, and also maintained their Strong Buy rating on the stock. Additionally, C J Muse from Cantor Fitzgerald raised their price target by 20%, from $150 to $180, while also maintaining their Strong Buy rating.

Currently, 95.5% of the top-rated analysts rate MU as a Strong Buy or Buy, while 4.5% see it as a Hold. No analysts recommend or strongly recommend selling the stock. These ratings indicate a positive outlook for Micron Technology in the eyes of financial experts.

Looking at the stock's performance, since Micron Technology's last quarterly report on February 29, 2024, the stock price has risen by 63.1%. Year-over-year, MU is up by an impressive 121%. During this period, Micron Technology has outperformed the S&P 500, which has only grown by 24.7%.

Vivek Arya, the Bank of America analyst who raised the price target for Micron Technology, is ranked in the top 1% of Wall Street analysts by WallStreetZen. Arya specializes in the Consumer Cyclical and Technology sectors and has an average return of 23.8% with a win rate of 61.1%. This track record highlights the credibility and expertise of Arya's research.

Micron Technology, Inc. is a global company that designs, manufactures, and sells memory and storage products. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. Micron Technology offers a range of memory and storage technologies, including DRAM products providing high-speed data retrieval, NAND products that are non-volatile and re-writable semiconductor storage devices, and NOR memory products that offer fast read speeds. These products cater to various markets such as cloud servers, enterprise, client, graphics, networking, smartphones, and other mobile devices. Additionally, Micron Technology provides SSDs and component-level solutions for enterprise, cloud, client, and consumer storage markets, as well as memory and storage products for the automotive, industrial, and consumer sectors.

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