As previously reported, Piper Sandler analyst Harsh Kumar upgraded Micron to Overweight from Neutral with a price target of $95, up from $70. The firm believes pricing momentum paired with HBM in the first half of 2024 provides tailwinds. With normalized inventories and recent supply cuts, pricing should accelerate upwards in both DRAM and NAND markets, Piper says. The firm also argues that production cuts from South Korean competitors should be meaningful to achieving supply and demand parity, and says it believes that on peak earnings, book value could reach highs of $50-$60 per share with the stock trading at a multiple of 2.5-3.0-times.
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