Shares of Micron (NASDAQ: MU) gained as much as 5% today after two Wall Street analysts increased their price targets. Deutsche Bank and Mizuho Securities both reiterated buy ratings on Micron stock. As of 2:11 pm, EST Monday, shares were up 3.8%.
Deutsche Bank analyst Sidney Ho increased his price target from $60 to $70, arguing that Micron is a strong recovery play as the world gets closer to defeating the coronavirus and the global economy bounces back. Demand in key markets like data centers and 5G smartphones will rebound, which will benefit Micron. Memory pricing is also expected to improve and boost margins heading into next year, according to Ho.
Image source: Micron.
Source Fool.com