Micron Price Target Lifted by Mizuho on Cloud Demand; Shares Rise

Micron Technology  (MU) – Get Report shares rose Monday, after Mizuho Securities analyst Vijay Rakesh lifted his price target to $70 from $56 amid signs of continued strength in the market for cloud systems.

He maintained his buy rating for the semiconductor maker. It recently traded at $64.17, up 4.50%, and has climbed 19% year to date.

“Our checks indicate the first quarter of 2021 is setting up for a cloud hyperscale rebound,” Rakesh wrote in a commentary. “Our preliminary checks in the Asia server supply chain and conversations with US OEMs [original equipment manufacturers] point to a strong 1Q21/1H21 cloud server rebound after a soft 4Q20.”

Source: https://www.thestreet.com/investing/micron-price-target-lifted-mizuho?puc=yahoo&cm_ven=YAHOO&yptr=yahoo