$135 Price Target From New Street

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  • The shares of Micron Technology, Inc. (NASDAQ: MU) have received a $135 price target from New Street. These are the details.

The shares of Micron Technology, Inc. (NASDAQ: MU) have received a $135 price target from New Street. And New Street analyst Pierre Ferragu initiated coverage of Micron Technology with a “Buy” rating.

Ferragu noted that Micron is set to benefit from a strong secular and cyclical setup for DRAM with 2 years of good revenue growth and material margin expansion. And Ferragu expects earnings per share above $14 in fiscal 2023, which is well above current expectations.

Ferragu pointed out that this would justify a $120-150 range for the stock price. Plus Ferragu also likes the stock for the long run, saying Micron will benefit from strong secular growth and will benefit over the years from improving profitability in NAND.

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