Morgan Stanley upgraded Micron Technology to Equal Weight from Underweight with a price target of $130, up from $98. The firm says it overestimated how much significant 2023 losses would weigh on the stock’s valuation, and underestimated both the economic and narrative elements of artificial intelligence memory. The analyst still sees Micron as “fundamentally overvalued” on long term metrics. However, high-bandwidth memory continues to drive sentiment from memory buyers, leading to sustained pricing strength, the analyst tells investors in a research note. Morgan Stanley believes the company could see positive preannouncement this quarter.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MU:
- Micron price target raised to $150 from $130 at Mizuho
- U.S., E.U. spent nearly $81B towards next-gen semiconductors, Bloomberg says
- China tells tech companies to buy fewer chips from Nvidia, The Information says
- Micron price target raised to $145 from $120 at Barclays
- Buy/Sell: Wall Street’s top 10 stock calls this week