Micron price target raised to $85 from $80 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Micron to $85 from $80 and keeps a Buy rating on the shares ahead of the company’s fiscal Q4 earnings release scheduled for September 27. While reducing FY24 revenue and earnings estimates that were too aggressive “in hindsight,” the firm raises its target multiple by a turn to reflect improved visibility, particularly in DRAM. Goldman expects the combination of improving demand trends and disciplined supply to drive higher pricing and improving earnings which, in turn, it sees leading to “sustained stock price outperformance over the coming quarters.”