Phillip Securities analyst Yik Ban Chong initiated coverage of Micron Technology with a Buy rating and an aggressive $500 price target, reinforcing the memory chipmaker's position as a key AI infrastructure play.
- The bullish outlook is primarily justified by the anticipation of continued spiking DRAM prices.
- The analyst also cited critically low supplies of High Bandwidth Memory (HBM) as a key driver for the rating.
- This endorsement follows a strong rally of +5.52% on February 02, with the stock continuing its upward trend in pre-market trading.