Micron price target raised to $130 from $95 at Piper Sandler

Piper Sandler raised the firm’s price target on Micron to $130 from $95 and keeps an Overweight rating on the shares. The firm notes Micron reported stellar results and guidance primarily driven by end-market tailwinds, which Piper expects to last through the remainder of the year as well as 2025. In a nutshell, tight supply, increasing demand, normalization of excess inventory coupled with the increased size of HBM die is driving dramatic improvements in pricing, the firm adds.