Citigroup Analyst Raises Micron Technology Price Target to $150 in Bullish Report

Citigroup's Christopher Danely raised their price target on Micron Technology (NASDAQ: MU) by 57.9% from $95 to $150 on 2024/03/15. The analyst maintained their Strong Buy rating on the stock.

In a preview of Micron Technology's Q2 2024 earnings, scheduled for release on March 20, 2024, Danely predicted positive results and increased guidance for Q3. The analyst attributed this optimistic outlook to strong DRAM pricing and the shipment of higher-priced/higher-margin high bandwidth memory with Nvidia's AI systems. According to Danely, Micron Technology's increasing exposure to the AI sector makes it a top pick for investors.

Another analyst, TD Cowen's Krish Sankar, also issued an update on MU on March 15, 2024. Sankar raised their price target by 20% from $100 to $120 and maintained their Buy rating on the stock. This indicates a positive sentiment towards Micron Technology's future performance.

Overall, 90.5% of top-rated analysts currently rate MU as a Strong Buy or Buy, highlighting the consensus bullishness on the stock. Only 4.8% of analysts see it as a Hold, while another 4.8% recommend or strongly recommend selling the stock. These ratings reflect the confidence that many analysts have in Micron Technology's prospects.

From a year-over-year perspective, MU's stock has performed exceptionally well, with a gain of 72.3%. This growth significantly outpaces the broader market, as the S&P 500 has risen by 31.5% during the same period. Micron Technology's ability to outperform the market is a testament to its strong position within the memory and storage products industry.

Citigroup analyst Christopher Danely's impressive ranking further adds credibility to their analysis. WallStreetZen ranks Danely in the top 8% out of 4,510 Wall Street analysts, with an average return of 15.1% and a 62.8% win rate. Their specialization in the Technology, Consumer Cyclical, and Industrials sectors indicates a deep understanding of Micron Technology's business and market dynamics.

Micron Technology, Inc. is a global leader in designing, manufacturing, and selling memory and storage products. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. Their product portfolio includes DRAM products, NAND products, and NOR memory products, which cater to various markets such as cloud servers, enterprise, client, graphics, networking, smartphones, and other mobile devices. Micron Technology also offers SSDs and component-level solutions for enterprise and cloud storage, as well as memory and storage products for automotive, industrial, and consumer markets.

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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.