Micron price target raised to $114 from $100 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Micron to $114 from $100 and keeps an Equal Weight rating on the shares. Micron posted “a strong quarter & outlook, particularly given lower recent expectations,” issuing EPS guidance that was “where consensus was before all of the negative revisions,” the analyst tells investors. Micron achieved the target of several hundred million in HBM sales in FY24 and are also maintaining their view that they will do several billion next year and that they will achieve their level of DRAM market share – mid 20s – in HBM, but the “market forecast seems too high,” the analyst contends. Micron management is executing well, but the stock “remains expensive,” according to Morgan Stanley, which says it sees better risk rewards elsewhere in AI and memory.