Micron Technology's (MU) semiconductor memory chips DRAM and NAND are seeing an improved outlook but NAND pricing pressures remain on PC and phone inventories, BofA said in a note on Thursday.
Micron's gross margin looks to be improving on a robust pricing environment and an improving product mix, the analysts said, adding that on the AI front, its high-bandwidth memory operations continue to expand.
The BofA analysts raised full-year 2025 to 2027 estimates for sales by 4%-6% and earnings per share by 13-23%.
Noting the uncertainty around NAND pricing, BofA added that Micron no longer expects underutilization-related period costs as its structural NAND capacity is now down by about 10% and volumes are stronger.
BofA reiterated a neutral rating on the company's stock but raised its price target to $140 from $84.
Price: 125.05, Change: -2.20, Percent Change: -1.73
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