Argus upgrades Micron to Buy after ‘solid’ Q2 earnings beat

As previously reported, Argus analyst Jim Kelleher upgraded Micron to Buy from Hold with a $140 price target. The company posted a “solid” Q2 profit against expectations of losses, while its revenue was “well above” the high end of prior guidance range, the analyst tells investors in a research note. The long negative trend in NAND and DRAM memory prices appears to be over, reflecting the lagged effects of prior production cuts, right-sizing of distributor and OEM inventories, and the AI-driven demand surge in data center, the firm states, adding that it also sees value in Micron shares in the early stage of broad-based memory demand growth.