Micron Price Target Raised by Argus on Strong AI-Driven Growth

Core Viewpoint - Argus raised its price target on Micron Technology to $540 from $320, maintaining a Buy rating due to exceptional growth driven by AI demand [1] Group 1: Financial Performance - Micron's fiscal second-quarter 2026 revenue and adjusted earnings significantly exceeded management guidance and consensus expectations, with both metrics increasing by triple-digit percentages year over year [1] - The company's fiscal third-quarter revenue guidance exceeded pre-report estimates by approximately $10.2 billion, while profit guidance came in nearly double analyst expectations [2] Group 2: Growth Drivers - The growth was attributed to strong pricing trends and rising demand for high-bandwidth memory used in AI applications, along with increased DRAM volumes, favorable product mix, and improving demand for NAND products [2] - Demand is strengthening across multiple end markets, with AI-related solutions driving overall growth [3] Group 3: Long-term Outlook - Argus reiterated its positive long-term outlook on Micron Technology and raised its 12-month price target to reflect the improved earnings trajectory [3]