Micron Technology (MU) Gets Major Price Target Raise as Strategic Contracts Stre

Micron Technology, Inc. (NASDAQ:MU) is one of the 14 AI Stocks Making Moves on Wall Street: Nvidia, Micron, and More.

Micron's growing base of Strategic Customer Agreements (SCAs) has had Wall Street bullish on the Micron Technology. Recently, on June 25, JPMorgan analyst Harlan Sur raised the price target on the stock to $1,540.00 (from $550.00) while maintaining an "Overweight" rating.

The firm believes that Micron's expansion from a single 5-year contract, which was announced last quarter, to 16 signed agreements, may offer meaningful protection to its revenues and margins. Instead of operating as a cyclical commodity producer, the company could become a more stable supplier with multi-year contracts.

Commenting on its latest quarterly results, the firm noted how May quarter revenue of 41.5 billion beat Street consensus estimates of $35.6 billion. Meanwhile, gross margins reached an all-time high of 84.9%.

Both DRAM and NAND average selling prices increased 63% and 87% respectively as supply remained structurally constrained. Looking ahead, Micron has guided for an estimated $50 billion in August quarter revenue. While the rate of price increase is expected to slow down, the

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/stocks/articles/micron-technology-mu-gets-major-102622905.html)