raises Micron Technology stock price target to $130 on the back of AI and HBM growth

Micron Technology’s stock price target has been raised by Mizuho to $130, up from the previous $124. Despite this, the firm has maintained its Buy rating on the stock. The analyst attributed this decision to several key factors, including the expected growth in the AI and High Bandwidth Memory (HBM) sectors.

Mizuho’s updated forecast for fiscal year 2024 takes into account new tax assumptions that align with Micron’s guidance, as well as anticipated growth in the HBM market. The analyst anticipates HBM pricing to be established by 2024 but may see an upside towards the end of the year and early 2025. Additionally, the introduction of a 12-Layer 36Gb HBM for a 288GB stack in the first half of 2025 is seen as a significant catalyst.

Micron’s competitive advantage in the HBM market is highlighted due to its HBM3E offering delivering comparable performance to competitors but with lower power consumption (around 30% less) and no extreme ultraviolet (EUV) lithography, resulting in reduced costs.

The analyst estimates that the HBM market will be worth around $9 billion in 2024 and $13 billion in 2025, potentially increasing to $10-11 billion and $14-15 billion, respectively. The market is projected to grow at a compound annual growth rate of approximately 65% over three years, reaching $17.5 billion by 2026.

In conclusion, Mizuho reaffirms its Buy rating on Micron Technology while raising its stock price target to $130. This information was generated with AI support and reviewed by an editor.

By Aiden Johnson

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