Micron upgraded to Neutral from Underweight at Piper Sandler

Piper Sandler upgraded Micron Technology to Neutral from Underweight with a price target of $70, up from $45, following last night’s results. The upgrade is primarily based on improving end market inventory conditions with a potential improvement in volumes and pricing in the second half of 2023, the analyst tells investors in a research note. Micron noted similar sentiments on its earnings call, highlighting that the revenue trough is behind and inventory for PCs and smartphones is close to normal, says Piper. It believes the stock has already bottomed.