Stifel Raises Micron Technology (MU) Price Target to $360, Keeps Buy Rating

Core Viewpoint - Micron Technology, Inc. is positioned as a significant player in the AI market, with Stifel raising its price target to $360.00 from $300.00, maintaining a "Buy" rating due to AI cloud demand and strategic acquisitions being key drivers for margins and supply [1] Group 1: Supply and Demand Dynamics - Micron has gained flexibility in its supply roadmap, alleviating near-term pressures, as the rapid growth in AI cloud infrastructure is absorbing global DRAM output, resulting in a supply shortage [2] - The company has strategically reduced bit shipments to China and retail consumer segments through its Crucial brand to redirect more supply towards cloud and enterprise customers [2] Group 2: Revenue and Margin Expansion - The company's revenue and margin expansion in the near term depend on successful node transitions, including the 1-gamma, and the optimization of its bit supply [3] - The acquisition of PSMC fab and site in Taiwan is expected to provide a structural outlet for sustained supply growth starting from approximately 18 months onward [3] Group 3: Product Offerings - Micron Technology develops and sells memory and storage products for data centers, mobile devices, and various industries globally [4]