Morgan Stanley Upgrades Micron (MU) to Overweight, Lifts PT to $220

Micron Technology, Inc. (NASDAQ:MU) is one of the best performing NASDAQ stocks according to hedge funds. On October 6, Morgan Stanley raised its price target for Micron stock from $160 to $220 and upgraded its rating to Overweight from Equalweight. The firm made this move because of momentum in core dynamic random-access memory (DRAM) pricing, which continues to exceed expectations.

Morgan Stanley Upgrades Micron (MU) to Overweight, Lifts PT to $220

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Morgan Stanley noted that industry contacts believe DRAM supply may stay tight for several quarters, with DDR5 spot pricing already up 15% since Micron’s most recent guidance. Server memory (specifically, DDR5 server pricing) is expected to experience double-digit increases in both Q4 and Q1; Morgan Stanley views the current consensus estimates as “likely conservative.”

Micron Technology, Inc. (NASDAQ:MU) designs, develops, and manufactures memory and storage solutions used across data centers, mobile devices, consumer electronics, and automotive systems. Its operations are organized into four segments: Compute and Networking, Mobile, Embedded, and Storage. The company’s product portfolio includes DRAM, NAND flash, and NOR flash technologies.

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Disclosure: None. This article is originally published at Insider Monkey.