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On Monday, Baird upgraded shares of Micron Technology and raised its price target, citing significant growth opportunities for the semiconductor maker. Micron’s Senior Research Analyst Tristan Gerra noted that DRAM chip pricing has been rising and supply growth is expected to slow. Baird upgraded Micron from “neutral” to “outperform” and increased the price target to $150 per share from $115, adding Micron to its list of top semiconductor ideas.
Gerra stated that Micron shares are attractive after a recent pullback, despite strong demand trends for DRAM chips. He also acknowledged that the upgrade should have come sooner, as Baird was catching up to industry trends. As of 1:46 p.m. ET on Monday, shares of Micron Technology rose 4.8% to $120.18 and reached an all-time high of $130.54 on April 4 before slightly retracting. The stock has increased by over 40% so far this year.