BofA Raises Micron Target to $950 on AI Demand

Bank of America (BofA) analysts raised the price target for Micron Technology's stock to $950, citing strong demand in the artificial intelligence (AI) sector. The revision comes as demand for the company's memory chips is particularly driven by AI applications and data centers. Analysts noted that Micron will benefit from increasing demand for high-bandwidth memory (HBM) and other advanced technology products. The need for memory solutions essential for training and inference of AI models enhances the company's growth potential. BofA also revised its revenue and earnings estimates for Micron's fiscal year 2024 upward. The company is expected to strengthen its leading position in the industry and improve profitability, thanks to AI-driven demand. Investors are closely monitoring Micron's performance in the semiconductor sector and the benefits it will derive from AI trends. The stock may follow a positive trajectory following this news. This is not investment advice.