Citi analyst Christopher Danely raised the firm’s price target on Micron (MU) to $275 from $240 and keeps a Buy rating on the shares. The firm believes DRAM pricing will be up 25% Q4 relative to Q3, which is the highest quarter-over-quarter increase since the 1990s. Artificial intelligence demand and limited supply has caused DRAM spot prices to rise almost 50% in the last two weeks, the analyst tells investors in a research note. Citi sees this higher pricing driving Micron’s earnings up 20% quarter-over-quarter.
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