raises Micron Technology stock price target to $130 on the back of AI and HBM growth

Micron Technology recently received a boost in confidence from Mizuho, with the firm raising its stock price target to $130, up from the previous $124. This increase came alongside a Buy rating on the stock, and was accompanied by an updated forecast for fiscal year 2024 that takes into account new tax assumptions aligning with Micron’s guidance and anticipated growth in the AI and HBM sectors.

Mizuho’s revised target is influenced by several key factors. One of these is HBM pricing, which is expected to be established for 2024 but may see an upside toward the end of the year and early 2025. Additionally, the introduction of a 12-Layer 36Gb HBM for a 288GB stack in the first half of 2025 is viewed as a significant catalyst.

The analyst estimates that the HBM market will be worth around $9 billion in 2024 and $13 billion in 2025, potentially reaching $10-11 billion and $14-15 billion respectively. The market is projected to grow at a compound annual growth rate of approximately 65% over three years, reaching $17.5 billion by 2026.

Micron’s competitive advantage in this market is highlighted due to its HBM3E offering delivering comparable performance to competitors but with lower power consumption (around 30% less) and no extreme ultraviolet (EUV) lithography, resulting in reduced costs.

In conclusion, Mizuho reaffirms its Buy rating on Micron Technology and increases its stock price target to $130, based on these insights generated with AI support and reviewed by an editor.

By Riley Johnson

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