Rosenblatt analysts reaffirmed their Buy rating and a $100 price target for Micron Technology (NASDAQ:MU). The analysts anticipate that Micron will report August quarter results in line with expectations, accompanied by guidance supporting modest single-digit sequential sales growth. They noted that the company is experiencing gradual improvements in bit demand and stable DRAM/NAND ASPs, which are offsetting challenges related to China’s “CAC” (Common Alternating Current) restrictions.

The analysts observe that cuts in industry capital expenditures (CapEx) and wafer starts are beginning to affect the supply-demand balance, with the potential for demand to surpass supply in late 2023. This shift is driven by the scaling of newer AI-centric segments and reduced inventory digestion headwinds in broader demand.

The analysts are optimistic about Micron’s prospects in 2024 due to significant growth in memory content, driven by the expansion of AI, which relies on increased memory capacity and speed.

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