Deutsche Bank analysts upgraded Micron Technology (NASDAQ:MU) to Buy from Hold and raised its price target to $85.00 from $65.00. The analysts cited a faster-th

Micron Technology Stock is a Buy at Deutsche Bank

- (Last modified: Dec 19, 2023 5:49 PM)

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Deutsche Bank analysts upgraded Micron Technology (NASDAQ:MU) to Buy from Hold and raised its price target to $85.00 from $65.00.

The analysts cited a faster-than-expected improvement in the pricing of its primary DRAM chips. They noted that there is an "inflection point" in DRAM semiconductor prices, with improvements occurring at least one quarter earlier than anticipated. This shift is attributed to increased demand for artificial intelligence servers, particularly those using high bandwidth memory (HBM) DRAM chips, which are commonly used in generative AI applications.

The analysts also mentioned that recent supply chain checks indicate sustainable price increases, with expectations of further acceleration in the next two quarters due to limited supply growth.

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