Micron Stock Draws Investor Attention Following A Price Target Boost From UBS

UBS maintained a ‘Buy’ rating on the shares and noted that its recent channel checks indicate "tight" supply conditions persist.

Micron Technology (MU) became the top trending ticker on Stocktwits after UBS raised its price target on the stock to $275 from $245 and noted that the company is likely tracking above the high end of its guidance.

UBS maintained a ‘Buy’ rating on the shares, according to TheFly. The firm said that its recent channel checks indicate "tight" supply conditions persist. Shares of Micron were down over 1% in early trading on Thursday.

Despite the lack of a positive preannouncement, Micron is likely tracking above the high end of its guidance with double data rate five contract negotiations now edging toward up 20% quarter-over-quarter or higher, UBS noted.

UBS said that it believes Micron's cycle will be more durable this time as high-bandwidth memory "crowds out" the traditional memory market. Most, if not all, of the industry's capacity additions through 2027 will likely go to high-bandwidth memory, the firm added.

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