Price-target moves: JP Morgan raised Micron Technology target from $550 to
$1,540; Susquehanna raised to $2,000 from $1,750; D.A. DAVIDSON raised to $2,000
from $1,500; RBC raised to $1,500 from $1,200; CLSA sets $1,320 and rates
Outperform; Morgan Stanley raised its target to $1,200 from $1,050, maintaining
Overweight. Market takeaways: Analysts say Micron’s profit-normalization may be
higher than previously expected and the next downcycle could be more insulated;
the blowout results make profit-taking difficult and have provided a lift to
weak tech. Earnings reaffirm an intact AI investment cycle, boosting
semiconductor sentiment and supporting elevated valuations while earnings
outlook holds. Several strategists note memory-chip demand now appears to
outstrip supply, implying greater reliability in a traditionally cyclical
market.
