Micron Stock Slides Despite Flurry Of Price-Target Hikes After Report

Core Insights - Micron Technology reported better-than-expected quarterly results and provided a positive outlook, yet its stock price declined due to profit-taking by investors after a significant price increase [1][2] Financial Performance - Micron's Cloud Memory Business Unit generated $4.54 billion in sales, accounting for 40% of total revenue, with a gross margin of 59% [3] - The company's high-bandwidth memory (HBM) sales increased approximately 50% sequentially, indicating strong demand in the AI data center market [4] Market Position and Strategy - Micron has expanded its customer base for HBM products to six clients and anticipates gaining market share with the production ramp-up of HBM4 products next year [4] - The CEO emphasized that Micron's HBM4 products outperform competitors in performance and power efficiency, positioning the company favorably against rivals like Samsung and SK Hynix [5] Analyst Ratings and Price Targets - TD Cowen analyst raised the price target for Micron from 180 to 200, expressing confidence in the stock's performance despite historical concerns [6] - Morgan Stanley maintained a neutral rating with a price target of 160, suggesting that the stock may be nearing peak valuation [7] - Deutsche Bank analyst increased the price target from 175 to 200, highlighting Micron's disciplined execution in a changing memory environment [7][8]