Micron price target raised to $115 from $100 at KeyBanc

KeyBanc raised the firm’s price target on Micron (MU) to $115 from $100 and keeps an Overweight rating on the shares. The firm’s quarterly supply chain findings were mixed. Broad-based end-demand trends remain weak, as auto and industrial end markets undergo inventory destocking; PCs are bouncing along the bottom, while Android smartphone demand is sustaining with Apple’s (AAPL) iPhone seeing weakness in China. Finally, traditional server is weak, while AI remains strong despite crosscurrents. KeyBanc sees positive implications given feedback from the AI server supply chain regarding the company’s HBM3E memory, which it expects to allocate Micron 70% market share on Nvidia’s (NVDA) B100.