Micron Technology Shares Skyrocket on Back of Baird Upgrade

Shares of semiconductor company, Micron Technology (MU), soared in Monday's intraday trading due to an upgrade in ratings and increased price target by Baird. Baird cites “substantial future growth opportunities” for Micron. The firm's rating for Micron improved from "neutral" to "outperform," and the set price target elevated from $115 to $150 per share. Micron was also added to the list of Baird's "prominent semiconductor picks," which includes names like Nvidia (NVDA), Broadcom (AVGO), and Semtech (SMTC). Baird's Senior Research Analyst Tristan Gerra stated in a client note that Micron shares seem appealing after a recent dip, despite the surge in demand for DRAM chips. Gerra further highlighted stronger than expected DRAM chip pricing, along with a predicted slowdown in supply growth across the industry. Though Gerra conceded that the upgrade could have been introduced earlier, stating that Baird was “boarding the train a bit late.” As of Monday, 1:46 p.m. ET, Micron Technology shares rose by 4.8% to $120.18 per share. On April 4, the company had hit a record high of $130.54 per share but experienced a slight drop later. Its shares have risen over 40% this year.