Micron Rises 3.28%
Micron stock climbs 3.28% in pre-market trading after Bernstein SocGen raises price target to $1,300
Shares of memory chip manufacturer Micron Technology Inc. 28% during Monday’s pre-market trading session after Bernstein SocGen Group raised its price target on Micron to $1,300 from $510. com. The firm also boosted earnings forecasts for Samsung Electronics Co.
Ltd. , projecting profits well above consensus estimates and expecting continued earnings growth to support memory-sector stocks. Tight Supply Drives Memory Profits As Micron’s financial results are set to be announced on Wednesday after the closing bell, more analysts weighed in on the path ahead amid skyrocketing memory prices. Gold Associates, the company has been increasingly focusing on high-bandwidth memory, a key technology for AI applications that offers higher profit margins than traditional dynamic random-access memory (DRAM).
” Another analyst, Morningstar’s William Kerwin, told the publication that the growth of Micron has been astonishing over the past 12 months. “Tight memory supply is sending prices skyrocketing, leading to massive growth coming at nearly pure profit,” Kerwin said. Read Also: Nvidia Supplier SK Hynix Overtakes Samsung Electronics To Become South Korea’s Most Valuable Company Apple Faces Soaring Component Costs Perplexity AI CEO Aravind Srinivas, meanwhile, said Micron could eventually surpass Meta Platform Inc. (NASDAQ: META ) in market value, arguing that AI’s biggest winners will be hardware providers.
He believes supply-chain constraints and limited manufacturing capacity have given chipmakers significant pricing power as demand continues to exceed supply. However, the soaring memory costs have led to unavoidable price increases for tech giants like Apple Inc. (NASDAQ: AAPL ), as stated by CEO Tim Cook. Cook warned that the company can no longer fully absorb the significant price increases from suppliers.
Although Apple has not disclosed which products could be affected, Cook described the current commodity market swings as unprecedented in his 40 years in electronics supply chains. 70% higher on Thursday amid Cook’s comments. 62%, indicating strong performance in both areas. Benzinga’s screener allows you to compare Micron’s performance with its peers.
MU Price Action. 52%, as per data Pro. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors. Read Also: Nvidia Supplier SK Hynix Ships Next-Generation HBM Memory Samples To Major Customers Photo courtesy: Shutterstock