Micron could see renewed strength in a key line of random access memory chips, according to Deutsche Bank.
Micron could be on the verge of gaining stronger pricing power, according to Deutsche Bank. The firm upgraded Micron stock to buy from hold on Sunday, and upgraded its target price to $85 from $65. Deutsche's new forecast implies about 19% upside from Friday's $71.53 close. Stock in the memory and storage solutions company has soared nearly 40% from the start of 2023. MU YTD mountain Micron stock.
"While we acknowledge that MU shares have held up much better than our expectation during the downcycle, we expect further appreciation as estimates increase and valuation multiple expands," Ho said. The analyst added that a previous cautious stance on Micron underpinned by excess inventory has largely abated, and Micron is now seeing stronger demand and pricing power for chips like the HBM DDR5 line of memory chips.
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