Micron upgraded to Buy from Hold at Stifel

Stifel upgraded Micron Technology to Buy from Hold with a price target of $120, up from $80. Channel checks checks confirm DRAM supply is tightening and on a trajectory to recover into the 90s by mid-year, the analyst tells investors in a research note. As such, the firm sees leverage returning for Micron and believes consensus estimates for 2025 are “well wrong and too low.” Stifel says there is a clear dual benefit toward converting DRAM wafer capacity to high bandwidth memory for Micron. It believes the shares are “moving through the sweet spot of what should be a more multiple-friendly, early expansion period.”