KeyBanc raised the firm’s price target on Micron (MU) to $150 from $135 and keeps an Overweight rating on the shares following quarterly supply chain findings. The firm sees positive implications as feedback indicates Micron has meaningfully superior HBM3E thermal/power performance vs. SK Hynix. With Samsung (SSNLF) currently not competitive, KeyBanc believes Micron is in the pole-position heading into the ramp of B100/B200. Further, the firm thinks Micron has enough HBM capacity to meaningfully exceed its outlook of several hundred millions in FY24 and to ship over $1B in HBM revenues in CY24. As investors increasingly will recognize how strong Micron’s position is in HBM, KeyBanc expects the stock to rerate and be given credit as an “AI” play.
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