Micron price target raised to $78 from $70 at TD Cowen

TD Cowen analyst Krish Sankar raised the firm’s price target on Micron to $78 from $70 and keeps an Outperform rating on the shares. Micron’s May quarter results were a positive for sentiment as revenues and EPS have passed the cyclical trough and should gradually improve into 2H24, the analyst tells investors in a research note. The firm expects company revenues, margins, and inventory levels to improve modestly over the next two quarters followed by a more pronounced recovery into 2H24.