Stifel Reiterates Buy Rating on Micron Technology (MU)

Stifel analyst Brian Chin reiterated a Buy rating and $130.00 price target on Micron Technology (NASDAQ: MU).

The analyst commented, "Micron reports earnings on June 25 (AMC). We expect upside to ours/cons. F3Q estimates, with bit shipments for the May-ending quarter likely helped by some pull-forward of PC/phone production (and memory chips) while these devices remain exempt from higher reciprocal tariffs. Although the market has concerns about what’s been pulled forward, recent checks suggest OEM inventory remains reasonable, broader DRAM demand (incl. high-capacity DRAM and LPDDR5X) is strong, and that pricing is expected to increase into the September month. We expect Micron’s F4Q(Aug) guidance to exceed our estimates, however the bogey will be higher now given the stock’s rally has coincided with DDR4 prices rallying (some exposure, though perhaps less than anticipated). On broader ASP strength we are optimistic Micron guides F4Q GMs better, +200-300bps into the upper-30s, enroute to >40% by F1Q (on higher mix of 12-Hi HBM3E)."

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Shares of Micron Technology closed at $121.82 yesterday.

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