Micron price target raised to $250 from $225 at Rosenblatt

Rosenblatt raised the firm’s price target on Micron Technology to $250 from $225 and keeps a Buy rating on the shares. The company reported an “unambiguous beat and raise” quarter last night as smartphone and PC inventory weakness were trumped by data center strength and high bandwidth memory mix, the analyst tells investors in a research note. The firm says DRAM supply/demand is expected to continue to tighten through 2025 while HBM is sold out and smartphone inventories should normalize into the spring. Rosenblatt continues to view Micron as a top pick for 2024 “into the biggest semi/memory cycles ever.”