Bank of America has raised its price target on Micron Technology, citing the increasing demand for artificial intelligence (AI)-powered personal computers as the reason for its optimism about the company. The bank has named Micron as the top pick among U.S. memory chipmakers and has increased its sales and earnings per share outlook for the company.
Following this announcement, shares of Micron Technology reached an intraday record high on Monday. The researchers at BofA have also highlighted the growing market for AI features in Edge AI as a key driver for Micron’s success. They believe that the rising demand for AI-powered PCs, along with their higher price, is contributing to the increased sales outlook for Micron in the years to come.
Bank of America has raised the price target for Micron to $170 from $144, labeling it as the top memory company in the U.S. This has led to a 10% and 12% increase in sales outlook for 2025 and 2026, respectively, as well as a 20% and 21% boost in earnings per share forecast for the same years. At the time of the announcement, Micron Technology shares were trading at $144.79, showing a 2.4% increase from earlier trading. The stock had reached a record high of $146.29 during the session, further solidifying its position as a top pick among memory chipmakers. So far this year, Micron shares have seen an increase of nearly 70%.
