Analyst issues new Micron (MU) stock price target
The post Analyst issues new Micron (MU) stock price target appeared on BitcoinEthereumNews.com. Bank of America (BofA) raised its price target on Micron (NASDAQ: MU) from $500 to $950 on Wednesday, May 13, while reiterating a ‘Buy’ rating, just as the stock surged 140% year-to-date. Analyst Vivek Arya expects memory demand to continue outpacing supply as artificial intelligence (AI) driven workloads expand, arguing that the supply-demand sufficiency ratio is unlikely to rise above 110%. “Despite recent runs in memory stocks, we expect memory demand to continue outgrowing supply driven by Al…. Accordingly, we raise MU estimates and PO to $950 from $500 on a much stronger mid-term pricing outlook,” Arya wrote. Furthermore, the bank highlighted “structurally lower supply elasticity” in the memory market, adding that it expects memory manufacturers to outperform equipment suppliers over the medium term. Micron can compete with other AI companies Pushing the bullish narrative further, the a