Micron Gets Price Target Boosts on Record Revenue, Upbeat Outlook

Micron Technology (MU) received a pair of price target raises Thursday after the memory chip manufacturer reported better-than-expected fiscal third-quarter results.

After the bell Wednesday, the company reported record quarterly revenue of $9.30 billion, with data center sales more than doubling from a year ago. Sales and profit handily topped analysts’ estimates, and the company’s fourth-quarter projections also were higher than consensus projections.

Analysts from Morgan Stanley lifted their price target for Micron stock to $135 from $98, while UBS analysts raised theirs to $155 from $120.

Morgan Stanley analysts said they “think there’s enough going right for Micron that the stock can continue to work if enthusiasm for AI sustains—but the biggest inflection in the cycle is behind us now and we see the valuation as demanding overall.”

Micron is among several chipmakers whose sales have skyrocketed amid booming artificial intelligence demand. Earlier this month, the company said it would invest $200 billion to boost its U.S. semiconductor production and enhance its research and development (R&D) programs.

Shares of Micron, which entered Thursday’s session more than 50% higher year-to-date, climbed in early trading before edging about 1% lower to close at $126.

UPDATE—This article has been updated with the latest share price information and comments from analysts.