Baird upgraded Micron to Outperform Technology from Neutral with a price target of $150, up from $115. The firm also added the shares to its list of top semiconductor ideas. Baird sees “meaningful upside opportunities ahead” for Micron. The stock’s recent pullback is in discrepancy with incrementally positive trends unfolding in DRAM per Baird’s recent channel checks, “yielding to a somewhat unprecedented outlook for memory over the next 12-18 months,” the analyst tells investors in a research note. The firm says DRAM pricing is stronger than previously expected with increasing mix of premium-priced DDR5, while HBM3E has the potential to generate 60%-plus gross margin for Micron next year.
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