On January 15, Citi raised its price target for Micron Technology, Inc. (NASDAQ:MU) from $330 to $385, keeping a Buy rating but removing the stock from its US Focus List. An analyst note indicated that the company's DRAM pricing momentum might slow in the second quarter compared to the first, noting that the stock typically follows its quarter-over-quarter pricing trends.
A day earlier, RBC Capital initiated coverage on Micron with an 'Outperform' rating and a $425 price target. The bank stated that increasing demand for generative AI, along with improved supply discipline, has led to "extreme tightness" in the memory market, potentially extending the current upcycle through 2027.
RBC analyst Srini Pajjuri highlighted the company's strong roadmap, saying that High Bandwidth Memory (HBM) content is growing at over 50%, with the shift to HBM4 representing a significant advantage. The firm expects Micron to achieve record earnings of $50 or more per share.