Micron price target raised to $120 from $100 at Wolfe Research

Wolfe Research analyst Chris Caso raised the firm’s price target on Micron to $120 from $100 and keeps an Outperform rating on the shares. The firm looks for a solid beat and raise from Micron this earnings report. While Wolfe’s view is that is too early to worry as Micron is just turning profitable, it acknowledges that “cyclical scars tell us the next few months will likely be a dogfight for DRAM and Micron where we parse through the good and bad of every new data point.” Nonetheless, the firm maintains its positive bias. Moreover, given ongoing excitement for exposure to AI, it suspects Micron will get the benefit of the doubt, particularly given the company’s strong position in HBM3E.