Micron price target raised to $76 from $68 at BofA

BofA raised the firm’s price target on Micron to $76 from $68 and keeps a Neutral rating on the shares. Fiscal Q3 and Q4 guidance both came in-line. Micron sees being past the cycle trough and customer inventories have now mostly normalized, except data center, which could extend into early next year, the analyst says. However, until Micron can redistribute the lost demand from China restrictions, potentially in the second half of FY24 or FY25, underutilization charges should persist, pressuring margins and near-term profitability, the firm added.