As previously reported, BofA analyst Vivek Arya upgraded Micron to Buy from Neutral with a price target of $95, up from $77. The firm, which expects some intra-sector rotation after a 60% year-to-date run in the SOX, also expects continued secular growth tailwinds in Generative AI, chip complexity, auto content, fab reshoring, and CHIPS Act benefits. BofA raised its semiconductors industry estimates, staying “selectively positive” in its “thematic 3C’s” of Cloud, Cars, and Complexity, while adding that it remains “lukewarm” on smartphones, telco and the enterprise.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on MU:
- U.S. sees making multibillion chips awards in next year, Reuters reports
- Deutsche Bank sees much to look forward to in Micron’s Q1 report
- Tencent, small chip makers chase Nvidia AI chip crown, Reuters says
- Micron price target raised by $14 at UBS, here’s why
- New York Partners with Chip Majors for $10B Research Facility