Major themes: Micron beat EPS & revenue expectations, provided strong guidance, and analysts have responded with multiple price-target raises and rating changes, especially on AI/HBM demand drivers.
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🧠 1. Current Consensus & Ratings
Analyst Consensus
• Consensus Rating: Buy
• Consensus Price Target: ~$288 (with a wide range)
• High Target: up to $500
• Low Target: around $150 
Interpretation: Most analysts see upside potential from current trading levels, though targets vary widely due to differing assumptions about memory pricing and supply cycles.
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📈 2. Recent Upgrades & Bullish Calls
🔹 BofA Securities
• Upgraded from Neutral to Buy
• Raised target to $300
• Cited strong AI-driven demand & tighter memory supply
• Raised EPS estimates materially for 2026–28 
🔹 KeyCorp
• Raised price target from ~$215 to $325
• Maintained Overweight/Buy
• Multiple analyst houses also increased targets recently (Raymond James, Piper Sandler, etc.)
• Consensus rating skewed strongly positive (30 Buys, few Holds) 
🔹 TipRanks Data
• Analyst consensus has ~25 Buy ratings and a few Holds
• Recent individual price targets have averaged in the $300+ range 
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🤝 3. Mixed Views from Major Brokers
🔸 Goldman Sachs
• Neutral rating
• $235 target
• Acknowledges strong performance but views valuation as closer to fair value at current prices 
🔸 UBS (Earlier)
• Maintained a Buy and raised the target to ~$245 (historical context)
• Highlights supply shortage dynamics in DRAM markets 
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📊 4. Drivers Behind Analyst Views
📌 Bullish Thesis
1. AI & High Bandwidth Memory (HBM)
• Strong demand from AI servers & data centers
• Supply tightness -> pricing power
2. Earnings Beat & Guidance
• Q1 2026 results exceeded expectations
• Q2 guidance stronger than consensus (EPS & revenue)
• Management reaffirmed long-term opportunities 
3. Capital Expenditure Intent
• Strategic capacity expansion supported by CHIPS Act & long-term contracts
• Some analysts see this as growth enabler 
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📉 5. Risks & Cautionary Views
⚠ Valuation Concerns
• Some analysts (e.g., Goldman Sachs) view the stock as closer to full valuation, especially after rapid gains. 
⚠ Competitive Pressures
• Potential market entry from rivals in HBM could pressure pricing & share. 
⚠ Range of Targets Reflects Uncertainty
• High targets (e.g., $500) vs. low targets (around $150) show divergent expectations around memory pricing cycles and macro demand.
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