Micron rises as Barclays sees recovery shoots despite China ban
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Micron Technology (NASDAQ:MU) rose 1.5% as Barclays said it sees the shoots of a recovery despite a ban in China.
The firm raised estimates and its price target on the tech company on Thursday.
âPositive commentary on both the pricing and demand environment surprised us over the past several weeks after our Asia checks had indicated that the impact of the CAC (Cyberspace Administration of China) ban would exceed the LDD% highlighted by the company,â analysts led by Tom OâMalley wrote in a note.
Barclays raised its price target to $80 from $75, noting that the company sounded materially better at conferences.
âWe admittedly are a bit surprised by how quickly Micron was able to offset the ban without a material pricing impact,â the firm said, speculating that customers may have stockpiled product at bargain basement pricing, a move that could catch up with the company in the future.
âWe raise our outlook for both bits and pricing and move slightly ahead of the Street for November and raise CY24. We acknowledge that this is the first print in some time with any expectation for better numbers vs. âhow bad this could beâ but think numbers move higher and the stock works nonetheless, Barclays said.
The stock has 18 Strong Buy ratings from Wall Street analysts, eight Buys, nine Holds, one Sell and two Strong Sells.
Shares are up nearly 43% so far in 2023.

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